-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WQnbxzsgiybxDgFbVJ0NnoYGagCK2mz164dE78bnJrCKeIZxJLqkMHfuFqKSZKtU
 Zljr/2BFXodrgrpV0IzOfw==

<SEC-DOCUMENT>0000909567-05-000673.txt : 20050329
<SEC-HEADER>0000909567-05-000673.hdr.sgml : 20050329
<ACCEPTANCE-DATETIME>20050329164409
ACCESSION NUMBER:		0000909567-05-000673
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050329
DATE AS OF CHANGE:		20050329
EFFECTIVENESS DATE:		20050329

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		05710167

	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>DEF 14A
<SEQUENCE>1
<FILENAME>t16082bdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">


<P align="center" style="font-size: 14pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>SCHEDULE 14A</B>
<DIV align="center" style="font-size: 10pt">(RULE 14a-101)<BR>
<B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION</B>
</DIV>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT PURSUANT TO SECTION 14(a)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934<BR>
&nbsp;<BR>
Filed by the Registrant </B><FONT face="Wingdings">&#254;</FONT><BR>
&nbsp;<BR>
<B>Filed by a Party other than the Registrant </B><FONT face="Wingdings">&#111;</FONT><BR>

<P align="center" style="font-size: 10pt">Check the appropriate box:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preliminary Proxy Statement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidential, For Use of the Commission Only</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Proxy Statement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Additional Materials</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting Material Pursuant to Rule&nbsp;14a-12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 24pt"><B>OPPENHEIMER HOLDINGS INC.</B>
<DIV align="center" style="font-size: 10pt">(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;<BR>
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)


<P align="center" style="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):<BR>
<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;No fee required.<BR>
<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule
0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Total fee paid:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Fee paid previously with preliminary materials:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the previous filing
by registration number, or the form or schedule and the date of its filing.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Amount previously paid:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Filing Party:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Date Filed:</TD>
</TR>

</TABLE>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">








<P align="center" style="font-size: 10pt">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER HOLDINGS INC.</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
P.O. Box 2015, Suite&nbsp;1110
</DIV>

<DIV align="center" style="font-size: 12pt;">
20 Eglinton Avenue West
</DIV>

<DIV align="center" style="font-size: 12pt;">
Toronto, Ontario
</DIV>

<DIV align="center" style="font-size: 12pt;">
M4R 1K8
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
To the Shareholders:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTICE IS HEREBY GIVEN that an Annual and Special Meeting of
Shareholders of OPPENHEIMER HOLDINGS&nbsp;INC. (the
&#147;Corporation&#148;) will be held at The Toronto Board of
Trade Downtown Centre, 4th&nbsp;Floor, 1&nbsp;First Canadian
Place, 77&nbsp;Adelaide St. West, Toronto, Ontario on
May&nbsp;9, 2005, at the hour of 4:30&nbsp;p.m. (Toronto time)
for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    To receive the 2004 Annual Report including the consolidated
    financial statements of the Corporation for the year ended
    December&nbsp;31, 2004, together with the Auditors&#146; Report
    thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    To elect Directors;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD align="left">
    To appoint PricewaterhouseCoopers LLP as auditors of the
    Corporation and authorize the Directors to fix their
    remuneration;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD align="left">
    To consider and, if deemed advisable, pass a resolution
    confirming amendments to the Corporation&#146;s 1996 Equity
    Incentive Plan described in the accompanying Management
    Information Circular;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>5.</TD>
    <TD align="left">
    To consider and, if deemed advisable, pass a resolution
    confirming the adoption of the Oppenheimer&nbsp;&#38;
    Co.&nbsp;Inc. Employee Share Plan described in the accompanying
    Management Information Circular;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>6.</TD>
    <TD align="left">
    To consider and, if deemed advisable, pass a resolution
    authorizing the issue of up to 180,000 Class&nbsp;A non-voting
    shares to the Oppenheimer&nbsp;&#38; Co.&nbsp;Inc. 401(k) Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>7.</TD>
    <TD align="left">
    To consider and, if deemed advisable, pass a special resolution
    authorizing the Corporation to apply for a Certificate of
    Continuance continuing the Corporation under the <I>Canada
    Business Corporations Act </I>(&#147;CBCA&#148;), as described
    in the accompanying Management Information Circular;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>8.</TD>
    <TD align="left">
    Subject to the approval and authorization of item&nbsp;7 above,
    to consider and, if deemed advisable, confirm By-Law
    Number&nbsp;1 of the Corporation, being a by-law relating
    generally to the transaction of the business and affairs of the
    Corporation pursuant to and in accordance with the CBCA, as
    described in the accompanying Management Information Circular;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>9.</TD>
    <TD align="left">
    To consider and, if deemed advisable, pass a resolution
    confirming the Performance-Based Compensation Agreement
    described in the accompanying Management Information Circular;
    and</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>10.</TD>
    <TD align="left">
    To transact such other business as is proper to such meeting or
    any adjournment thereof.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Holders of Class&nbsp;A non-voting shares of the Corporation
are entitled to attend and speak at the Annual and Special
Meeting of Shareholders and, with the holders of the
Class&nbsp;B voting shares, are entitled to vote on the
resolutions in items&nbsp;4, 5 and 6 above. Holders of
Class&nbsp;A non-voting shares are not entitled to vote with
respect to the other matters referred to above.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of Class&nbsp;A non-voting shares and Class&nbsp;B
voting shares who are unable to attend the meeting in person are
requested to date, sign and return the enclosed forms of proxy
for use by holders of Class&nbsp;A non-voting shares (yellow
form of proxy) and Class&nbsp;B voting shares (blue form of
proxy). Any shareholder dissenting from the special resolution
to continue the Corporation under the CBCA is entitled to be
paid the fair value of the shares held by the shareholder in
respect of which the shareholder dissents, as of the close of
business on the day before the resolution was adopted. (See
Part&nbsp;4 in the accompanying Management Information Circular
titled &#147;Continuance From Provincial to Federal
Jurisdiction&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reference is made to the accompanying Management Information
Circular for details of the matters to be acted upon at the
meeting and with respect to the respective voting rights of the
holders of the Class&nbsp;A non-voting shares and the
Class&nbsp;B voting shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
DATED at Toronto, Ontario this 24th day of March, 2005.
</DIV>

<DIV align="right" style="font-size: 10pt;">
(signed)&nbsp;A.W. OUGHTRED
</DIV>

<DIV align="right" style="font-size: 10pt;">
Secretary
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER HOLDINGS INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 46pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT INFORMATION CIRCULAR</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(Note: All dollar amounts expressed herein are U.S.&nbsp;dollars
unless otherwise indicated)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>This Management Information Circular (the
&#147;Circular&#148;) is forwarded to holders of Class&nbsp;B
voting shares (the &#147;Class&nbsp;B Shares&#148;) and
Class&nbsp;A non-voting shares (the &#147;Class&nbsp;A
Shares&#148;) of Oppenheimer Holdings Inc. (the
&#147;Corporation&#148;) in connection with the solicitation of
proxies by the management of the Corporation from the holders of
the Class&nbsp;A Shares and the Class&nbsp;B Shares for use at
the Annual and Special Meeting of Shareholders of the
Corporation (the &#147;Meeting&#148;) to be held on May&nbsp;9,
2005, at the hour of 4:30&nbsp;p.m. (Toronto time) at The
Toronto Board of Trade Downtown Centre, 4th&nbsp;Floor,
1&nbsp;First Canadian Place, 77&nbsp;Adelaide St. West, Toronto,
Ontario and at any adjournments thereof for the purposes set
forth in the Notice of Annual and Special Meeting of
Shareholders (the &#147;Notice of Meeting&#148;) which
accompanies this Circular. This Circular is dated March&nbsp;24,
2005, and is first being mailed to shareholders on or about
March&nbsp;29, 2005.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The record date for the determination of shareholders entitled
to receive notice of the meeting is March&nbsp;24, 2005. In
accordance with the provisions of the <I>Business Corporations
Act </I>(Ontario), the Corporation will prepare a list of
holders of Class&nbsp;A Shares (&#147;Class&nbsp;A
Shareholders&#148;) and Class&nbsp;B Shares (&#147;Class&nbsp;B
Shareholders&#148;) as of the record date. Class&nbsp;A and
Class&nbsp;B Shareholders named in the list will be entitled to
vote the Class&nbsp;A Shares on matters on which such
Class&nbsp;A Shares are entitled to vote, and Class&nbsp;B
Shares on all matters to be voted on at the Meeting except to
the extent that (a)&nbsp;the shareholder has transferred any of
the shareholder&#146;s Class&nbsp;A Shares and Class&nbsp;B
Shares after the record date and (b)&nbsp;the transferee of
those shares produces properly endorsed share certificates or
otherwise establishes that the transferee owns such shares and
demands, not later than immediately before a vote on any matter,
that the transferee&#146;s name be included in the list, in
which case the transferee of the Class&nbsp;A Shares and
Class&nbsp;B Shares will be entitled to vote such shares at the
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is planned that the solicitation will be initially by mail,
but proxies may also be solicited by employees of the
Corporation. The cost of such solicitation will be borne by the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No person is authorized to give any information or to make any
representation other than those contained in this Circular and,
if given or made, such information or representation should not
be relied upon as having been authorized by the Corporation. The
delivery of this Circular shall not, under any circumstances,
create an implication that there has not been any change in the
information set forth herein since the date of this Circular.
Except as otherwise stated, the information contained in this
Circular is given as of March&nbsp;10, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation has distributed copies of the Notice of the
Meeting, this Circular, the enclosed forms of proxy for use by
the Class&nbsp;A and Class&nbsp;B Shareholders and its Annual
Report for the year ended December&nbsp;31, 2004 to
intermediaries such as clearing agencies, securities dealers,
banks and trust companies or their nominees for distribution to
non-registered shareholders of the Corporation whose shares are
held by or in the custody of such intermediaries. Intermediaries
are required to forward these documents to non-registered
shareholders. The solicitation of proxies from non-registered
Class&nbsp;A and Class&nbsp;B Shareholders will be carried out
by the intermediaries, or by the Corporation if the names and
addresses of Class&nbsp;A and Class&nbsp;B Shareholders are
provided by the intermediaries. The cost of such solicitation
will be borne by the Corporation. Non-registered Class&nbsp;A
and Class&nbsp;B Shareholders who wish to file proxies should
follow the instructions of their intermediary with respect to
the procedure to be followed. Generally, non-registered
Class&nbsp;A and Class&nbsp;B Shareholders will either:
(a)&nbsp;be provided with a proxy executed by the intermediary,
as the registered shareholder, but otherwise uncompleted, and
the non-registered holder may complete the proxy and return it
directly to the Corporation&#146;s transfer agent; or
(b)&nbsp;be provided with a request for voting instructions by
the intermediary, as the registered shareholder, then the
intermediary must send to the Corporation&#146;s transfer agent
an executed proxy form completed in accordance with any voting
instructions received by it from the non-registered holder and
may not vote in the event that no instructions are received.
</DIV>

<P align="center" style="font-size: 10pt;">1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CLASS&nbsp;A SHARES AND CLASS&nbsp;B SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation has authorized and issued Class&nbsp;A Shares
and Class&nbsp;B Shares which are equal in all respects except
that Class&nbsp;A Shareholders, as such, are not entitled to
vote at meetings of shareholders of the Corporation unless
entitled to vote by law, pursuant to the Corporation&#146;s
articles or as may be required by regulatory authorities. With
the exception of items&nbsp;4, 5 and 6 of the Notice of Meeting
on which Class&nbsp;A Shareholders are entitled to vote in
accordance with the requirements of the Toronto Stock Exchange,
Class&nbsp;A Shareholders are not entitled to vote the
Class&nbsp;A Shares owned or controlled by them on the other
matters identified in the Notice of Meeting to be voted on.
Where entitled to vote, the Class&nbsp;A Shareholders are
entitled to one vote for each Class&nbsp;A Share held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, Class&nbsp;A Shareholders are entitled to receive
notices of all meetings of shareholders of the Corporation and
to attend and speak at such meetings. In addition to notices of
shareholders&#146; meetings, Class&nbsp;A Shareholders are
entitled to receive all informational documentation sent to the
Class&nbsp;B Shareholders of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class&nbsp;B Shareholders are entitled to one vote for each
Class&nbsp;B Share held at all meetings of shareholders except
meetings at which only the holders of a specified class of
shares other than the Class&nbsp;B Shares are entitled to vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>In the event of either a &#147;take-over bid&#148; or an
&#147;issuer bid&#148; (as those terms are defined in the
<I>Securities Act of Ontario</I>) being made for the
Class&nbsp;B Shares and no corresponding offer being made to
purchase Class&nbsp;A Shares, the Class&nbsp;A Shareholders
would have no right under the articles of the Corporation or
under any applicable statute to require that a similar offer be
made to them to purchase their Class&nbsp;A Shares.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>APPOINTMENT AND REVOCATION OF PROXIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The persons named in the enclosed forms of proxy (the
&#147;Management Nominees&#148;) are directors and officers of
the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Class&nbsp;A and Class&nbsp;B Shareholders have the right to
appoint persons, other than the Management Nominees, who need
not be a shareholder to represent them at the Meeting. To
exercise this right, the Shareholder may insert the name of the
desired person in the blank space provided in the form of proxy
accompanying this Circular or may submit another form of
proxy.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Class&nbsp;A Shares and Class&nbsp;B Shares represented by
properly executed proxies will be voted by the Management
Nominees on any ballot that may be called for, unless the
shareholder has directed otherwise, for the resolutions
confirming the amendments to the Corporation&#146;s 1996 Equity
Incentive Plan (item 4 in the Notice of Meeting), confirming the
adoption of the Oppenheimer &#38; Co. Inc.
(&#147;Oppenheimer&#148;) Employee Share Plan (item&nbsp;5 in
the Notice of Meeting), and authorizing the issue of
Class&nbsp;A Shares to the Oppenheimer 401(k)&nbsp;Plan
(item&nbsp;6 in the Notice of Meeting).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Class&nbsp;B Shares represented by properly executed proxies
will be voted by the Management Nominees on any ballot that may
be called for, unless the shareholder has directed otherwise,
(i)&nbsp;for the election of Directors (item&nbsp;2 in the
Notice of Meeting), (ii)&nbsp;for the appointment of auditors
and authorizing the directors to fix the remuneration of the
auditors (item&nbsp;3 in the Notice of Meeting), (iii)&nbsp;for
the special resolution authorizing the continuation of the
Corporation under the <I>Canada Business Corporations Act
</I>(the &#147;CBCA&#148;) (item&nbsp;7 in the Notice of
Meeting), (iv)&nbsp;subject to the approval of (iii)&nbsp;above,
to confirm by-laws relating generally to the transaction of the
business and affairs of the Corporation pursuant to and in
accordance with the CBCA (item&nbsp;8 in the Notice of Meeting),
and (v)&nbsp;for the confirmation of the Performance-Based
Compensation Agreement (item&nbsp;9 in the Notice of
Meeting).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is not intended to use the proxies hereby solicited for the
purpose of voting upon the consolidated financial statements of
the Corporation for the year ended December&nbsp;31, 2004, or
the report of the auditors thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each form of proxy confers discretionary authority with respect
to amendments or variations to matters identified in the Notice
of Meeting to which the proxy relates and other matters which
may properly come before such Meeting. Management knows of no
matters to come before the Meeting other than the matters
referred to in the Notice of Meeting. However, if matters which
are not known to the management should
</DIV>

<P align="center" style="font-size: 10pt;">2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
properly come before the Meeting, the proxies will be voted on
such matters in accordance with the best judgment of the person
or persons voting the proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A shareholder who has given a proxy has the power to revoke it
prior to the commencement of the Meeting by depositing an
instrument in writing executed by the shareholder or by the
shareholder&#146;s attorney authorized in writing either at the
registered office of the Corporation at any time up to and
including the last business day preceding the day of the
Meeting, or any adjournment thereof, or with the Chairman of the
Meeting on the day of the Meeting or any adjournment thereof or
in any other manner permitted by law. A shareholder who has
given a proxy has the power to revoke it after the commencement
of the Meeting as to any matter on which a vote has not been
cast under the proxy by delivering written notice of revocation
to the Chairman of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A shareholder who has given a proxy may also revoke it by
signing a form of proxy bearing a later date and returning such
proxy to the Secretary of the Corporation at the registered
office of the Corporation prior to the commencement of the
Meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The authorized capital of the Corporation includes 99,680
Class&nbsp;B Shares all of which are issued and outstanding as
at March&nbsp;10, 2005 and an unlimited number of Class&nbsp;A
shares of which 13,297,671 Class&nbsp;A shares were outstanding
as at March&nbsp;10, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth certain information regarding the
beneficial ownership of each class of shares of the Corporation
as at March&nbsp;10, 2005, with respect to (i)&nbsp;each person
known by the Corporation to beneficially own, or exercise
control or discretion over, more than 5% of any class of the
Corporation&#146;s shares, (ii)&nbsp;each of the
Corporation&#146;s directors, (iii)&nbsp;each of the
Corporation&#146;s and its subsidiaries&#146; executive officers
named in the Summary Compensation Table set forth herein and
(iv)&nbsp;the directors and executive officers as a group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of the table, beneficial ownership is determined
pursuant to Rule&nbsp;13d-3 of the <I>U.S.&nbsp;Securities
Exchange Act of 1934</I>, as amended, pursuant to which a person
or group of persons is deemed to have &#147;beneficial
ownership&#148; of a class of outstanding shares which such
person or group has the right to acquire within 60&nbsp;days
after March&nbsp;10, 2005. The percentage of shares deemed
outstanding is based on 13,297,671 Class&nbsp;A Shares and
99,680 Class&nbsp;B Shares outstanding as at March&nbsp;10,
2005. In addition, for purposes of computing the percentage of
Class&nbsp;A Shares owned by each person, the percentage
includes all Class&nbsp;A Shares issuable upon the exercise of
outstanding options held by such persons within 60&nbsp;days
after March&nbsp;10, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There are no outstanding rights to acquire beneficial ownership
of any Class&nbsp;B Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mr.&nbsp;A.G. Lowenthal and Mrs.&nbsp;Olga Roberts have
advised the Corporation that they intend to vote all of the
Class&nbsp;A and Class&nbsp;B Shares owned and controlled by
them for the matters referred to in the Notice of Meeting to be
voted on at the Meeting.</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Class&nbsp;A Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Class&nbsp;B Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Private Capital Management, L.P.</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,833,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.8%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    AIC Limited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,626,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.2%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Olga Roberts&nbsp;(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>324,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.4%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44.4%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Albert G. Lowenthal&nbsp;(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,786,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    J.L. Bitove&nbsp;(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Crystal&nbsp;(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K.W. McArthur&nbsp;(5)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Neuhoff&nbsp;(6)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Class&nbsp;A Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Class&nbsp;B Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Okin&nbsp;(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.W. Oughtred&nbsp;(8)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    E.K. Roberts&nbsp;(9)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>181,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. Winberg&nbsp;(10)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Executive Officers and Directors as a group (9&nbsp;persons)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,217,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.2%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>*</TD>
    <TD align="left">
    Less than 1%</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    With respect to the Class&nbsp;B Shares, Mrs.&nbsp;Roberts, who
    is the mother of Elaine Roberts, President of the Corporation,
    owns 100 Class&nbsp;B Shares directly and&nbsp;44,209
    Class&nbsp;B Shares indirectly through Elka Estates Limited, an
    Ontario corporation (&#147;Elka&#148;), which is wholly-owned by
    Mrs.&nbsp;Roberts. With respect to the Class&nbsp;A Shares,
    Mrs.&nbsp;Roberts owns&nbsp;41,900 Class&nbsp;A Shares directly
    and&nbsp;283,055 Class&nbsp;A Shares through Elka.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    With respect to the Class&nbsp;A Shares, Mr.&nbsp;Lowenthal is
    the sole general partner of Phase&nbsp;II Financial&nbsp;L.P., a
    New York limited partnership, which is the record holder
    of&nbsp;2,736,430 Class&nbsp;A Shares. Mr.&nbsp;Lowenthal holds
    11,347 Class&nbsp;A Shares through the Oppenheimer
    401(k)&nbsp;Plan, and&nbsp;1,366 Class&nbsp;A Shares directly
    and 37,500 Class&nbsp;A Shares are beneficially owned in respect
    of Class&nbsp;A Shares issuable upon exercise of options issued
    under the Corporation&#146;s 1996 Equity Incentive Plan (the
    &#147;Equity Incentive Plan&#148;). With respect to the
    Class&nbsp;B Shares, Phase&nbsp;II Financial Limited, an Ontario
    corporation wholly-owned by Mr.&nbsp;Lowenthal, is the holder of
    record of all such shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Mr.&nbsp;Bitove holds 50,480 Class&nbsp;A Shares directly, 100
    Class&nbsp;A Shares indirectly through JB&#146;s
    Investments&nbsp;Inc. and 12,500 Class&nbsp;A Shares are
    beneficially owned in respect of Class&nbsp;A Shares issuable
    upon exercise of options issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Mr.&nbsp;Crystal owns 2,700 Class&nbsp;A Shares directly
    and&nbsp;17,500 Class&nbsp;A Shares are beneficially owned in
    respect of Class&nbsp;A Shares issuable upon exercise of options
    issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    Mr.&nbsp;McArthur owns 20,000 Class&nbsp;A Shares directly,
    29,000 Class&nbsp;A Shares are held through Shurway Capital
    and&nbsp;3,750 Class&nbsp;A Shares are beneficially owned in
    respect of Class&nbsp;A Shares issuable upon exercise of options
    issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    Mr.&nbsp;Neuhoff owns 50,145 Class&nbsp;A Shares directly, 5,162
    Class&nbsp;A Shares through the Oppenheimer 401(k)&nbsp;Plan and
    18,750 Class&nbsp;A Shares are beneficially owned in respect of
    Class&nbsp;A Shares issuable upon exercise of options issued
    under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)</TD>
    <TD align="left">
    Mr.&nbsp;Okin owns 218 Class&nbsp;A Shares through the
    Oppenheimer 401(k) Plan and 6,250 Class&nbsp;A Shares are
    beneficially owned in respect of Class&nbsp;A Shares issuable
    upon exercise of options issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(8)</TD>
    <TD align="left">
    Mr.&nbsp;Oughtred owns 3,500 Class&nbsp;A Shares directly
    and&nbsp;12,500 Class&nbsp;A Shares are beneficially owned in
    respect of Class&nbsp;A Shares issuable upon exercise of options
    issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(9)</TD>
    <TD align="left">
    Ms.&nbsp;Roberts owns 178,594 Class&nbsp;A Shares directly
    and&nbsp;2,500 Class&nbsp;A Shares are beneficially owned in
    respect of Class&nbsp;A Shares issuable upon exercise of options
    issued under the Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(10)</TD>
    <TD align="left">
    Mr.&nbsp;Winberg owns 4,400 Class&nbsp;A Shares directly
    and&nbsp;12,500 Class&nbsp;A Shares are beneficially owned in
    respect of Class&nbsp;A Shares issuable upon exercise of options
    issued under the Equity Incentive Plan.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
There are no arrangements, known to the Company, the operation
of which may at a subsequent date result in a change of control
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;16(a) of the Securities Exchange Act of 1934
requires the Corporation&#146;s directors and executive
officers, and persons who own more than ten percent of a
registered class of the Corporation&#146;s equity securities, to
file by specific dates with the Securities Exchange Commission
(the&nbsp;&#147;SEC&#148;) initial reports of ownership and
reports of changes in ownership of equity securities of the
Corporation. Officers, directors and greater than ten percent
Shareholders are required by SEC regulation to furnish the
Corporation with copies of all Section&nbsp;16(a) forms that
they file. The Corporation is required to report in this
Circular any failure of its directors and executive officers and
greater than ten percent Shareholders to file by the relevant
due date any of these reports during the preceding fiscal year
(or, to the extent not previously disclosed, any prior fiscal
year).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the Corporation&#146;s knowledge, based solely on review of
copies of such reports furnished to the Corporation during the
fiscal year ended December&nbsp;31, 2004 and representations
made to the Corporation by such persons, all Section&nbsp;16(a)
filing requirements applicable to the Corporation&#146;s
officers, directors and greater than ten percent Shareholders
were complied with, except that one director who was
automatically granted stock options under the Equity Incentive
Plan and not notified of such grants, failed to report such
grants until advised of same by the Corporation.
</DIV>

<P align="center" style="font-size: 10pt;">4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Class&nbsp;A Shares Authorized for Issuance Under Equity
Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class&nbsp;A Shares authorized for issuance under the Equity
Incentive Plan as at December&nbsp;31, 2004 are set out below.
All Class&nbsp;A Shares authorized under the Plan have been
approved by the shareholders of the Company.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Securities Remaining</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Number of Securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted Average Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Available for Future Issuance</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Issued Upon Exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Under</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Outstanding Options</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Outstanding Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>the Equity Incentive Plan</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1,659,370</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>540,042</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A description of the Equity Incentive Plan appears in
Note&nbsp;12 of the Company&#146;s financial statements for the
year ended December&nbsp;31, 2004. The Company does not have any
warrants or rights outstanding as at December&nbsp;31, 2004.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PARTICULARS OF MATTERS TO BE ACTED UPON</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;ELECTION OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of the Corporation currently consists of
seven directors to be elected annually. The term of office for
each director is from the date of the meeting at which the
director is elected until the close of the next annual meeting
of shareholders or until his or her successor is duly elected or
appointed, unless his or her office is earlier vacated in
accordance with the by-laws of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to a Stakeholders Agreement dated December&nbsp;9, 2002
between the Corporation, Canadian Imperial Bank of
Commerce&nbsp;(&#147;CIBC&#148;) and others, CIBC&nbsp;has the
right to have two of its designees nominated for election to the
Corporation&#146;s Board at the Meeting. CIBC has informed the
Corporation that it does not wish to exercise this right at the
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating/ Corporate Governance Committee of the Board
(the&nbsp;&#147;Committee&#148;) has recommended and the
directors have determined that seven directors are to be elected
at the Meeting. Management does not contemplate that any of the
nominees named below will be unable to serve as a director, but,
if such an event should occur for any reason prior to the
Meeting, the Management Nominees reserve the right to vote for
another nominee or nominees in their discretion. The following
sets out information with respect to the proposed nominees for
election as directors as recommended by the Committee, in
accordance with the Nominating/ Corporate Governance Committee
Charter. The Committee has reported that it is satisfied that
each of the nominees (who have served on the Board for the
period indicated below) is fully able and fully committed to
serve the best interests of the Corporation&#146;s shareholders.
The Nominating/ Corporate Governance Committee Charter appears
at www.opco.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The election of the directors nominated requires the affirmative
vote of a simple majority of the Class&nbsp;B Shares voted at
the Meeting.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Positions and Offices</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Province/State,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>held with</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Occupation for</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Became</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Country of Residence</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>the Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Previous 5 years</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Director</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    J.L. Bitove</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Florida, USA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Retired Executive</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Crystal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>New York, USA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Partner, Brown Raysman Millstein Felder &#38; Steiner LLP (law
    firm)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1992</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.G. Lowenthal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>New York, USA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board and Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board and Chief Executive Officer of the
    Corporation and Oppenheimer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1985</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    K.W. McArthur</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Ontario, Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Lead Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President and Chief Executive Officer, Shurway Capital
    Corporation (private investment company)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1996</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Positions and Offices</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Province/State,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>held with</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Occupation for</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Became</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Country of Residence</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>the Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Previous 5 years</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Director</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.W. Oughtred</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Ontario, Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Secretary and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Partner, Borden Ladner Gervais LLP (law firm)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1979</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    E.K. Roberts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Ontario, Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President, Treasurer and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President and Treasurer of the Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1977</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. Winberg</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>Ontario, Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President, Rockport Holdings Limited (real estate development)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1979</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 8pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES:</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    There is no Executive Committee of the Board of Directors.
    Messrs.&nbsp;J.L. Bitove, K.W. McArthur and B.&nbsp;Winberg are
    members of the Audit Committee. Messrs.&nbsp;J.L. Bitove,
    K.W.&nbsp;McArthur, B.&nbsp;Winberg and R&nbsp;Crystal are
    members of the Nominating/ Corporate Governance Committee.
    Messrs.&nbsp;J.L. Bitove and B.&nbsp;Winberg are members of the
    Compensation and Stock Option Committee.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    The numbers of Class&nbsp;A and Class&nbsp;B Shares owned by the
    nominees appear under &#147;Security Ownership of Certain
    Beneficial Owners and Management&#148; above.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    A.W. Oughtred is a partner in the law firm of Borden Ladner
    Gervais LLP and Richard Crystal is a partner in the law firm of
    Brown Raysman Millstein Felder &#38; Steiner&nbsp;LLP, both of
    which firms provide legal services to the Corporation and its
    subsidiaries. The billings to the Corporation in&nbsp;2004 by
    each of these firms were less than 1% of each firm&#146;s 2004
    total billings.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors&#146; and Officers&#146; Insurance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation carries liability insurance for its directors
and officers and the directors and officers of its subsidiaries.
Between November&nbsp;30, 2003 and November&nbsp;30, 2004, the
Corporation&#146;s aggregate insurance coverage was increased to
$20&nbsp;million with a $2.5&nbsp;million deductible at an
aggregate annual premium of&nbsp;$463,229. This coverage was
renewed for a further year effective November&nbsp;30, 2004 at
an aggregate annual premium of $591,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the by-laws of the Corporation, the Corporation is
obligated to indemnify the directors and officers of the
Corporation and its subsidiaries to the maximum extent permitted
by the <I>Business Corporations Act </I>(Ontario). The
Corporation has entered into indemnity agreements with each of
its directors providing for such indemnities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the year ending December&nbsp;31, 2004, the Corporation paid
directors&#146; fees as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Annual Retainer Fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $15,000</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Board and Committee Meeting Fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $1,500 per meeting attended in person</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $500 per meeting attended by telephone</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Committee Chairs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $5,000 per year</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Lead Director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $5,000 per year</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Members of Audit Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    $2,500 per year</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (other than chairman)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2004, the directors were paid directors&#146; fees
of&nbsp;$264,000 in the aggregate. Directors are reimbursed for
travel and related expenses incurred in attending board and
committee meetings. The directors who are not employees of
the&nbsp;Corporation and its subsidiaries are also entitled to
the automatic grant of stock options under the Equity Incentive
Plan pursuant to a formula set out in the Plan.
</DIV>

<P align="center" style="font-size: 10pt;">6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Securities Authorized for Issuance Under Equity Compensation
Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following sets out information with respect to the
Corporation&#146;s compensation plans under which Class&nbsp;A
Shares are authorized for issuance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Equity Compensation Plan Information as at March&nbsp;10,
2005</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Class A Shares</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Remaining Available for</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Class A Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted-Average</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Future Issuance Under</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>to be Issued Upon Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise Price of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equity Compensation</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Outstanding Options,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Outstanding Options,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Plans (Excluding</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>and Conditional</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>and Conditional</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities Reflected</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Issues of&nbsp;Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Issues of&nbsp;Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in&nbsp;Column (a))</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(a)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(b)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(c)</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity Compensation Plans approved by shareholders:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (i)&nbsp;1996 Equity Incentive Plan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,840,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$26.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>308,244</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (ii)&nbsp;Conditional Issue of Shares to Employees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$22.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity Compensation Plans not approved by shareholders:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer Employee Share Plan&nbsp;(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$24.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>739,863</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    To be considered, and if deemed advisable, approved, at the
    Meeting (See &#147;Stock Based Compensation Arrangements&#148;).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Indebtedness Of Directors And Executive Officers Under
(1)&nbsp;Securities Purchase And (2)&nbsp;Other Programs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following sets out information with respect to the
indebtedness of directors and executive officers under
securities purchase and other programs. At December&nbsp;31,
2004 and since that date none of the directors and the executive
officers of the Corporation were or have been indebted to the
Corporation.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Financially</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Largest</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Assisted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Amount</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Outstanding</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Purchases</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Forgiven</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During Most</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>During Most</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>During Most</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Recently</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Outstanding as</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Recently</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Recently</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Involvement of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Completed</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>at March&nbsp;10,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Completed</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Completed</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Company or</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Financial Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Financial Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Security for</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Financial Year</B></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Indebtedness</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>($)</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="center" nowrap>&nbsp;(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(c)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(d)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(e)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>(f)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>(g)</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Securities Purchase Programs</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    N/ A</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>Other Programs</I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    A.G. Lowenthal, Chairman and CEO of the Company and Oppenheimer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Oppenheimer<BR>
    Margin Account</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    Margined securities</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    nil</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    R. Okin<BR>
    Executive Vice President of Oppenheimer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Oppenheimer<BR>
    Margin Account</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>231,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    Margined securities</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    nil</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
During the year 2004 certain of the directors, executive
officers and senior officers of the Company, Oppenheimer and
Oppenheimer Asset Management Inc. maintained margin accounts
with Oppenheimer in connection with the purchase of securities
(including securities of the Company) which margin accounts are
substantially on the same terms, including interest rates and
collateral, as those prevailing from time to time for comparable
transactions with non-affiliated persons and do not involve more
than the normal risk of collectibility.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>2.</B></TD>
    <TD>
    <B>APPOINTMENT OF AUDITORS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PricewaterhouseCoopers LLP has served as the auditors of the
Corporation since 1993. PricewaterhouseCoopers LLP has advised
the Corporation that neither the firm nor any of its members or
associates has any direct financial interest or any material
indirect financial interest in the Corporation or any of its
affiliates other than as accountants. Representatives of
PricewaterhouseCoopers LLP are expected to be present at the
Meeting with the opportunity to make a statement if they desire
to do so and are expected to be available to respond to
appropriate questions.
</DIV>

<P align="center" style="font-size: 10pt;">7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fees billed to the Corporation and its subsidiaries by
PricewaterhouseCoopers LLP during the years 2003 and 2004 were
as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Year ended December 31,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,075,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>827,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit-related fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tax fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All other fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>nil</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>877,500</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Annual Audit Fees include the fees for the audit of the
Corporation&#146;s annual consolidated financial statements for
the year 2004 and the review of the quarterly financial
statements included in the Forms&nbsp;10-Q filed by the
Corporation during the year and the interim reports to
shareholders sent to shareholders during the year. Other Audit
Related Fees include fees for audits of the Corporation&#146;s
employee benefit plans. During 2003 and 2004, the Corporation
retained Ernst&nbsp;&#38; Young LLP to provide tax related
services to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee has the sole authority and responsibility to
nominate independent auditors for appointment by shareholders,
and to recommend to shareholders that independent auditors be
removed. The Audit Committee has nominated
PricewaterhouseCoopers LLP for appointment as the
Corporation&#146;s auditors by the shareholders at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The appointment of PricewaterhouseCoopers as independent
auditors requires the affirmative vote of a simple majority of
the Class&nbsp;B Shares voted at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has delegated to the Audit Committee the approval of
all audit engagement fees and terms as well as the approval of
all non-audit engagements and engagement fees provided by
independent auditors. The process begins prior to the
commencement of the audit. The fees described above were 100%
pre-approved by the Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.&nbsp;&nbsp;SHARE BASED COMPENSATION ARRANGEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the matters referred to in (a), (b)&nbsp;and
(c)&nbsp;below involve the approval of the issue of Class&nbsp;A
Shares to or for the benefit of employees of the Corporation and
its subsidiaries as part of their compensation. It is a
requirement of the New York Stock Exchange (the
&#147;NYSE&#148;) that these terms require the approval of the
holders of the Class&nbsp;B Shares and of the Toronto Stock
Exchange (the &#147;TSX&#148;) that these terms require the
approval of the Class&nbsp;A and Class&nbsp;B Shares voting
together.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
Incentive Plan Amendment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class&nbsp;A and Class&nbsp;B Shareholders of the Corporation
are being asked at the Meeting to consider and, if deemed
advisable, pass the resolution which appears as
Schedule&nbsp;A-1 to this Circular confirming an amendment to
the Equity Incentive Plan made by the directors on
March&nbsp;10, 2005 increasing the number of Class&nbsp;A Shares
that may be issued under the Equity Incentive Plan on the
exercise of options by 400,000 Class&nbsp;A Shares. Assuming
shareholder and regulatory approval of this increase, as at
March&nbsp;10, 2005, the Corporation would have options
outstanding to purchase 1,840,681 Class&nbsp;A Shares (13.8% of
the issued Class&nbsp;A and Class&nbsp;B Shares) and could,
without obtaining further shareholder approval, grant options on
up to a further 708,244 Class&nbsp;A Shares (5.3% of the issued
Class&nbsp;A and Class&nbsp;B Shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employees of the Corporation and its subsidiaries whose
responsibilities and decisions, in the judgement of the
Compensation and Stock Option Committee (the &#147;Compensation
Committee&#148;) of the Board, affect the management, growth,
performance or profitability of the Company or of its
subsidiaries are eligible to participate in the Stock Option
Plan. The maximum number of Class&nbsp;A Shares which may be
issuable in any one-year period under the Stock Option Plan or
under any other share-based compensation arrangement of the
Corporation to Insiders (as defined in the Stock Option Plan) as
a group may not exceed 10% of the issued Class&nbsp;A and
Class&nbsp;B Shares or to any one Insider may not exceed 5% of
the issued Class&nbsp;A and Class&nbsp;B shares. The aggregate
number of Class&nbsp;A Shares issuable under options held by any
one optionee in any 60-month period may not exceed 500,000. The
exercise price of options granted under the Stock Option Plan,
except as stated below, is the closing price on the TSX or the
NYSE of the Class&nbsp;A Shares on the date of grant (the
&#147;Exercise Price&#148;). The
</DIV>

<P align="center" style="font-size: 10pt;">8
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
exercise price of any &#147;incentive stock option&#148; (for
United States tax purposes) granted to any individual who owns
shares carrying more than 10% of the total combined voting power
of all issued shares of the Corporation shall be 110% of the
Exercise Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The terms of options granted under the Stock Option Plan and
their vesting rights are within the discretion of the Committee
provided that options may not have a term of more than
10&nbsp;years. Normally options are granted for five-year terms
and vest as to 25% after two years, 50% after three years, 75%
after four years and 100% after four and one-half years from the
date of grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If an optionee&#146;s employment is terminated for cause, the
unexercised portion of any options held are terminated on the
date of termination of employment. If the optionee&#146;s
employment is terminated other than for cause, the unexercised
portion of his option may be exercised within three months of
termination of employment. If the optionee&#146;s employment is
terminated by reason of disability or death, the unexercised
portion of the option may be exercised within one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Options granted under the Stock Option Plan are not assignable
except on the death of an optionee, by will or the laws of
descent and distribution. The Corporation does not provide
financial assistance to employees under the Stock Option Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has the authority to amend or terminate the Stock
Option Plan at any time except that no amendment shall increase
the number of shares issuable under the Plan, change the class
of employees entitled to options, decrease the option price or
extend the term of the Stock Option Plan without shareholder
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The grant of stock options under the Plan is a significant
component of the Corporation&#146;s compensation program for the
executive officers of the Corporation and its subsidiaries and
for certain of Oppenheimer&#146;s investment executives. The
granting of stock options to key personnel is intended to align
their interests with those of the Class&nbsp;A Shareholders.
Accordingly, the number of Class&nbsp;A Shares underlying
existing options and reserved for future option grants as a
percentage of the issued Class&nbsp;A and Class&nbsp;B Shares
might be perceived as being relatively high. The Board and the
Compensation and Stock Option Committee recognize this and have
adopted a policy of maintaining the percentage of optioned
Class&nbsp;A Shares plus Class&nbsp;A Shares reserved for future
options, at any one time, to not more than 20% of the number of
issued Class&nbsp;A and Class&nbsp;B Shares. The Corporation
purchases and will continue to purchase Class&nbsp;A Shares for
cancellation, from time to time at prices deemed appropriate,
pursuant to the Corporation&#146;s normal course issuer bid,
thus offsetting, at least in part, the issue of Class&nbsp;A
Shares under the Plan. The Corporation has established a stock
appreciation rights plan under which certain employees are
granted stock appreciation rights which reduces the number of
stock options granted each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Copies of the Plan and the amendment to the Plan described above
may be obtained from the Corporation&#146;s registered office at:
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    20 Eglinton Avenue West</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Suite&nbsp;1110, P.O. Box 2015</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Toronto, Ontario M4R 1K8</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Telephone:
    (416)&nbsp;322-1515&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:
    (416)&nbsp;322-7007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:
    investorrelations@opy.ca</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be effective the resolution attached as Schedule&nbsp;A-1
must be passed by a simple majority of the votes cast by the
Class&nbsp;A and Class&nbsp;B Shareholders voting together at
the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(b)&nbsp;Oppenheimer Employee Share Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;10, 2005, the Board approved an Employee Share
Plan (the &#147;Employee Share Plan&#148;) for employees of the
Corporation and its subsidiaries resident in the United States,
a copy of which is attached as Schedule&nbsp;B. The purpose of
the Employee Share Plan is to assist the operating subsidiaries
of the Corporation to attract, retain and provide incentives to
key management employees. Under the Employee Share Plan, the
Committee may grant &#147;Restricted Stock Awards&#148; to
eligible employees as a portion of employee compensation.
Restricted Stock Awards are awards granted under the Employee
Share Plan of Class&nbsp;A Shares, the transferability of which
is subject to &#147;Transfer Restrictions&#148; which are
restrictions on the transfer of such Class&nbsp;A Shares
established by the Committee. Class&nbsp;A Shares awarded as
Restricted Stock Awards may be Class&nbsp;A Shares purchased for
the account of employees in the market or Class&nbsp;A Shares
issued from treasury. Typically, the Transfer Restrictions
imposed will be to restrict the employee from selling the
Class&nbsp;A Shares for a period of time
</DIV>

<P align="center" style="font-size: 10pt;">9
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
during which the employee will have had to remain an employee of
the Corporation. If the conditions attaching to the Transfer
Restrictions are not met with respect to Class&nbsp;A shares
issued from treasury, the employee forfeits the issued
Class&nbsp;A Shares and they would be cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Up to 750,000 Class&nbsp;A Shares may be issued from treasury
under the Employee Share Plan. Class&nbsp;A Shares issued from
treasury will be issued as part of employee compensation at
market price at the date of issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the terms of the Employee Share Plan which is attached as
Schedule B are set out therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class&nbsp;A and Class&nbsp;B Shareholders are accordingly being
asked at the Meeting to consider and, if deemed advisable, pass
the resolution which appears as Schedule&nbsp;A-2 approving the
Employee Share Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be effective, the resolution attached as Schedule&nbsp;A-2
must be passed by a simple majority of the votes cast by the
Class&nbsp;A and Class&nbsp;B Shareholders voting together.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(c)&nbsp;Issue of Class&nbsp;A Shares to the Oppenheimer
&#38; Co. Inc 401(k) Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oppenheimer maintains a 401(k) Plan (the &#147;401(k)
Plan&#148;) for its employees and those of its subsidiaries in
the United States as a defined contribution retirement and
profit sharing plan in accordance with the provisions of the
United States Internal Revenue Code. Employees are eligible to
participate on the completion of one year of employment.
Oppenheimer and its eligible employees make contributions to the
401(k) Plan which is administered by a Trustee. Amounts of
contributions are limited by the 401(k) Plan. Participants in
the 401(k) Plan are entitled to direct the investment of the
funds in the 401(k) Plan held for their accounts from a
selection of investments designated by Oppenheimer including
Class&nbsp;A Shares issued from treasury. Prior to year-end the
Board conditionally issues Class&nbsp;A Shares to the 401(k)
Plan at the closing price on the NYSE on the date of conditional
issue. At the end of the year participants select their
investments and, where Class&nbsp;A Shares are selected, the
Corporation issues Class&nbsp;A Shares to the 401(k) Plan at the
price set as at the date of conditional issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual contributions to the 401(k) Plan vest depending on the
years of service of the employee. Distributions under the 401(k)
Plan are made on termination of employment, or retirement, or
death and in certain other instances prescribed in the 401(k)
Plan including financial hardship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;12, 2003, the Class&nbsp;B shareholders, in
accordance with what were then the TSX requirements, authorized
the issue of up to 200,000 Class&nbsp;A Shares to the 401(k)
Plan. Since then, 139,313 Class&nbsp;A Shares have been issued
to the 401(k) Plan and it is anticipated that a further 180,000
Class&nbsp;A Shares will be required for the 401(k) Plan for the
next several years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, Class&nbsp;A and Class&nbsp;B shareholders are
being asked to consider and, if deemed advisable, pass the
resolution which appears as Schedule&nbsp;A-3 authorizing the
issue, from time to time, of up to an additional 180,000 Class A
Shares to the 401(k) Plan at the closing NYSE price on the dates
of conditional issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be effective the resolution attached as Schedule&nbsp;A-3
must be passed by a simple majority of the votes cast by the
Class&nbsp;A and Class&nbsp;B shareholders voting together.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.&nbsp;&nbsp;CONTINUANCE FROM PROVINCIAL TO FEDERAL
JURISDICTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation is a holding corporation. The active business of
the Corporation is carried on by its United States subsidiaries,
principally Oppenheimer. Essentially all of the consolidated
assets of the Corporation are in the United States. The
Class&nbsp;A Shares are listed on the NYSE and the TSX.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation is currently incorporated under and governed by
and in accordance with the provisions of the <I>Ontario Business
Corporations Act </I>(the &#147;OBCA&#148;). The Board has
recommended that the Corporation apply under the CBCA for an
instrument of continuance continuing the Corporation as if it
had been incorporated under the CBCA. Such continuance is
designed and expected to improve efficiency and lessen costs
associated with certain administrative and governmental filing
requirements. Recent amendments to the CBCA Regulations that are
expected to come into force will permit the Corporation to
prepare financial statements and an auditor&#146;s report in
accordance with US GAAP. Currently under the OBCA, the
Corporation must prepare such financial statements in accordance
with Canadian GAAP. As the Corporation&#146;s business is
carried on by its US subsidiaries and its Class&nbsp;A Shares
are listed in the NYSE, the Corporation is required to report in
accordance with US GAAP.
</DIV>

<P align="center" style="font-size: 10pt;">10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation wishes to add additional US directors to its
Board. The OBCA requires that a majority of the
Corporation&#146;s directors be resident Canadians while the
CBCA requires that only 25% of directors must be resident
Canadians. Accordingly, under the CBCA the Corporation may add
additional US directors provided that at least 25% of its
directors are resident Canadians rather than a majority as
required under the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the continuance, the laws of Canada provide
in effect that, among other things, upon continuance the
property of the Corporation continues to be the property of the
Corporation, the Corporation continues to be liable for
obligations of the Corporation, that an existing cause of
action, claim or liability to prosecution is unaffected, a civil
criminal or administrative proceeding pending by or against the
Corporation may be continued to be prosecuted by or against the
Corporation and a conviction against the Corporation may be
enforced against the Corporation or a ruling, order of judgement
in favour of or against the Corporation may be enforced by or
against the Corporation. In accordance with the terms and
provisions of the OBCA, the application for continuance must be
authorized by special resolution of the holders of the
Class&nbsp;B Shares. Notwithstanding such authorization, such
continuance is subject to the consent of the Corporations Tax
Branch of the Ministry of Revenue (Ontario) and the Ontario
Securities Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the Corporation obtaining the authorizations and
consents referred to above, the Corporation shall apply for a
certificate of continuance to be issued pursuant to the
provisions of the CBCA. On the date shown in the certificate of
continuance, the Corporation becomes a corporation to which the
CBCA applies, as if it had been incorporated under the CBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Canadian corporate governance standards are among the most
rigorous in the world. In Canada, important actions have been
taken by governments, securities regulators and self-regulating
bodies to ensure that Canada&#146;s legislative and regulatory
framework responds to the needs of investors and continues to
foster the efficiency of the capital markets. Reforms have
touched on a number of areas including enforcement, financial
reporting and disclosure, the audit process, management
accountability and governance structure. As an integral part of
these reform initiatives, the Government of Canada has publicly
stated that it is committed to ensuring that corporate
governance standards of CBCA companies remain of the highest
order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
More than 155,000 businesses, including about half of the 100
largest corporations in Canada are incorporated under the CBCA
and there are approximately 225 CBCA corporations listed on the
Toronto Stock Exchange. As an illustration of the significance
of CBCA corporations in the Canadian marketplace, eighteen of
the top forty corporations in Canada, in terms of market
capital, are CBCA companies. The combined market capital of
these firms in 2002 was in excess of $230&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A form of the proposed Application for Authorization to Continue
in Another Jurisdiction is attached to this Circular as
Schedule&nbsp;C. This Application, if approved by the
Class&nbsp;B Shareholders, will constitute the articles of the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Class&nbsp;B Shareholders of the Corporation are being asked at
the Meeting to consider and, if deemed advisable, pass the
special resolution which appears as Schedule&nbsp;A-4 to this
Circular authorizing the continuance of the Corporation as if it
had been incorporated under the CBCA. To be effective, the
special resolution attached as Schedule&nbsp;A-4 must be passed
by at least two-thirds of the votes cast by Class&nbsp;B
Shareholders at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Class&nbsp;B Shareholder is entitled to be paid the fair
value of all, but not less than all, of the Class&nbsp;B Shares
held by such Class&nbsp;B Shareholder in accordance with section
185 of the OBCA if the Class&nbsp;B Shareholder dissents to the
resolution proposed to continue the Corporation as if it had
been incorporated under the CBCA, and if such continuance
becomes effective. Class B Shareholders are not entitled to
dissent with respect to their respective Class&nbsp;B Shares if
they vote any of such shares in favour of the continuance or if
the directors do not act to implement the special resolution for
continuance. A brief summary of the provisions of section 185 of
the OBCA is set out below. The following summary does not
purport to provide a comprehensive statement of the procedures
to be followed by a dissenting shareholder who seeks to exercise
dissent rights. Section&nbsp;185 of the OBCA requires strict
adherence to the procedures established therein and failure to
do so may result in the loss of dissent rights. Accordingly,
each shareholder who might desire to exercise dissent rights
should carefully consider and comply with the provisions in
those sections, the full text of which is available from the
Corporation at investorrelations@opy.ca, or by mail to
Oppenheimer Holdings Inc., 20&nbsp;Eglinton Avenue West,
Suite&nbsp;1110, P.O. Box 2015, Toronto, Ontario, M4R 1K8.
</DIV>

<P align="center" style="font-size: 10pt;">11

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each dissenting Class&nbsp;B Shareholder who wishes to exercise
dissent rights is required to send a written objection to the
special resolution authorizing continuance at or prior to the
Meeting to the address provided in the immediately preceding
paragraph. The execution or exercise of a proxy does not
constitute a written objection for the purposes of section 185
of the OBCA. Within ten days after the special resolution is
adopted by the Class&nbsp;B Shareholders, the Corporation must
so notify each of the dissenting Class&nbsp;B Shareholders who
is then required, within twenty days after receipt of such
notice (or, if such person does not receive such notice, within
twenty days after learning of the adoption of the special
resolution), to send to the Corporation a written notice
containing that person&#146;s name and address, the number of
shares in respect of which that person dissents and a demand for
payment of the fair value of such shares. Within thirty days
after sending such written notice, the dissenting Class&nbsp;B
Shareholder must also send to the Corporation any share
certificate or certificates held by the Class&nbsp;B Shareholder
representing all of that person&#146;s shares. If the
transaction contemplated in the special resolution becomes
effective, the Corporation is required to determine the fair
value of the shares and to make a written offer to pay such
amount to the Class&nbsp;B Shareholder. If such offer is not
made or not accepted within thirty days, any Class&nbsp;B
Shareholder may apply to the Court to fix the fair value of the
shares. There is no obligation on the Corporation to apply to
the Court. If any application is made, the dissenting
Class&nbsp;B Shareholder will be entitled to be paid the amount
fixed by the Court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.&nbsp;&nbsp;CONFIRMATION OF BY-LAW NUMBER 1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;10, 2005, the directors of the Corporation passed
new By-Law Number 1 of the Corporation to take effect upon the
continuation of the Corporation under the CBCA. By-Law Number 1,
which repeals the existing by-laws of the Corporation, provides
generally for the transaction of the business and affairs of the
Corporation as a CBCA corporation. A copy of new By-Law
Number&nbsp;1 is attached to this Circular as Schedule&nbsp;D.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, Class&nbsp;B Shareholders are being asked to
consider and, if deemed advisable, pass the resolution which
appears as Schedule&nbsp;A-5 to this Circular confirming By-Law
Number&nbsp;1 subject to the continuation of the Corporation
under the CBCA. To be effective, the resolution must be passed
by a simple majority of the votes cast by the Class&nbsp;B
Shareholders at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.&nbsp;&nbsp;AMENDED AND RESTATED PERFORMANCE-BASED
COMPENSATION AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation and Mr.&nbsp;A.G.&nbsp;Lowenthal are parties to
a Performance-Based Compensation Agreement dated as of
January&nbsp;1, 2001 (the &#147;2001 Comp Agreement&#148;) which
expires on December&nbsp;31, 2005. The 2001 Comp Agreement was
approved by the Class&nbsp;B shareholders on May&nbsp;14, 2001.
Because the 2001 Comp Agreement expires on December&nbsp;31,
2005, the Compensation Committee, which administers the 2001
Comp Agreement, has proposed and the Board on March&nbsp;10,
2005 has approved an amendment and restatement of the 2001 Comp
Agreement for a term extension ending on December&nbsp;31, 2010.
The Amended and Restated Performance-Based Compensation
Agreement dated as of March&nbsp;15, 2005 between
Mr.&nbsp;Lowenthal and the Corporation (the &#147;New
Agreement&#148;) proposed by the Compensation Committee and
approved by the Board is attached as Schedule&nbsp;E. The New
Agreement will not become effective until approved by the
Class&nbsp;B shareholders. The terms of the New Agreement are
substantially similar to the terms of the 2001 Comp Agreement
except for the extended termination date of December&nbsp;31,
2010 and a delay in the timing of any payment made on account of
the termination of Mr.&nbsp;Lowenthal&#146;s employment with the
Corporation, as necessary to comply with the requirements of
Section&nbsp;409A of the U.S.&nbsp;Internal Revenue Code. The
New Agreement, like the 2001 Comp Agreement, provides that a
portion of Mr.&nbsp;Lowenthal&#146;s compensation will be
performance driven in a manner that aligns that portion of his
compensation with the performance of the Corporation and the
long-term interests of the Corporation. At the beginning of each
year the Committee establishes objective performance goals based
on one or more of the Corporation&#146;s return on equity, net
profit and the increase in the market value of the Class&nbsp;A
Shares. The performance-based compensation paid to
Mr.&nbsp;Lowenthal in each year is dependent on the attainment
of that year&#146;s performance goals. As with the 2001 Comp
Agreement, performance-based payments to Mr.&nbsp;Lowenthal in
any one year may not exceed $5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, Class&nbsp;B Shareholders are being asked to
consider and, if deemed advisable, pass the resolution which
appears as Schedule&nbsp;A-6 hereto approving the New Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reference is made to the &#147;Report of the Compensation and
Stock Option Committee&#148; below and, in particular, to the
information under &#147;U.S.&nbsp;Internal Revenue Code
Section&nbsp;162(m)&#148; for an explanation as to the tax
deductibility to the Corporation of performance-based
compensation paid to Mr.&nbsp;Lowenthal.
</DIV>

<P align="center" style="font-size: 10pt;">12

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be effective, the resolution attached as Schedule&nbsp;A-6,
must be passed by a simple majority of the votes cast by the
Class&nbsp;B Shareholders at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.&nbsp;&nbsp;EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following information is provided in accordance with the
requirements of Item&nbsp;402 &#147;Executive Compensation&#148;
of Regulation&nbsp;S-K under the <I>Securities Exchange Act of
1934</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to the year ended December&nbsp;31, 2004, the
Compensation Committee was responsible for making
recommendations for approval by the Board of Directors with
respect to the compensation of the Corporation&#146;s executive
officers. The members of the Compensation Committee are
John&nbsp;L. Bitove and Burton Winberg, each of whom are
independent directors of the Corporation and have no
interlocking relationship with the Corporation or its
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Compensation Table</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth total annual compensation paid or
accrued by the Corporation to or for the account of the
Corporation&#146;s chief executive officer and each of the four
most highly paid executive officers of the Corporation and its
subsidiaries, Oppenheimer and Oppenheimer Asset Management Inc.
(&#147;OAM&#148;), the Corporation&#146;s principal operating
subsidiaries, other than the chief executive officer, whose
total cash compensation for the fiscal year ended
December&nbsp;31, 2004 exceeded $100,000 (the &#147;Named
Executives&#148;).
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 15pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Long-term</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class&nbsp;A</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other Annual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>Name and Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Salary</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation&nbsp;(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation&nbsp;(2)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.G. Lowenthal,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>207,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>27,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Chairman, CEO, and</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>3,225,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>3,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director of the</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>480,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,475</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Corporation; Chairman and</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CEO, and Director of</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="26">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas Robinson (4),</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    President of OAM</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,820</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="26">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    E.K. Roberts,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>175,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>26,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    President, Treasurer and</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Director of the Corporation,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>183,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Treasurer and a director of</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="26">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Neuhoff,</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>260,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Executive Vice President of</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>260,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>3,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>260,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,475</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="26">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Okin&nbsp;(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>780,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Executive Vice President of</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>190,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>3,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Includes Directors&#146; Fees.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    This amount represents Corporation contributions to the
    Oppenheimer 401(k)&nbsp;Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Mr.&nbsp;Okin joined Oppenheimer on January&nbsp;3, 2003. In
    addition to the above compensation, on March&nbsp;17, 2003
    Mr.&nbsp;Okin was awarded 22,222 Class&nbsp;A Shares, which will
    be issued on January&nbsp;3, 2006 and priced at $22.50, provided
    that Mr.&nbsp;Okin remains continuously employed by the
    Corporation. The issuance of these conditionally-issued
    Class&nbsp;A Shares was confirmed by shareholders on
    May&nbsp;12, 2003.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Mr.&nbsp;Robinson joined OAM on June&nbsp;4, 2003.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">13
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Option Grants for the Year Ended December 31, 2004</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth details of options granted to the
Named Executives during the year ended December&nbsp;31, 2004.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>% of Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted to Employees</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in Fiscal Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiry Date</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Grant Date Value</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.G. Lowenthal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30</TD>
    <TD align="left" valign="top" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>33.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2/25/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>908,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    E.K. Roberts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15</TD>
    <TD align="left" valign="top" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>33.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2/25/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>454,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. Robinson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>33.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2/25/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>90,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Neuhoff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>33.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2/25/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>302,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Okin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>33.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2/25/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>151,400</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation determined the fair value of options granted
using the Black-Scholes option pricing model with the following
weighted average assumptions: expected dividend yield of 1.1%;
risk-free interest rate of 2.95%; expected volatility of 21.2%;
and expected life of 5&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Aggregate Option Exercises And Year-End Value Table</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information with respect to
options exercised during the year ended December&nbsp;31, 2004
by the Named Executives and as to unexercised options held by
them at December&nbsp;31, 2004:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value of Unexercised</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>in-the-money Options/SARs</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Acquired</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>at Fiscal Year end</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>at Fiscal Year end</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>on&nbsp;Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Realized</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable/Unexercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable/Unexercisable</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A.G. Lowenthal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,944,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>37,500/262,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>45,750/$137,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    T. Robinson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0/25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0/0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    E.K. Roberts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>1,476,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2,500/82,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>3,050/$9,150</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Neuhoff</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>557,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>18,750/56,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>35,063/$6,248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Okin</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>6,250/68,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>17,375/$52,125</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT OF THE COMPENSATION AND STOCK OPTION COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following report of the Compensation Committee discusses
generally the Compensation Committee&#146;s executive
compensation objectives and policies and their relationship to
corporate performance in 2004. In addition, the report
specifically discusses the Compensation Committee&#146;s bases
for compensation in 2004 of the Corporation&#146;s Chief
Executive Officer, as well as the other senior executive
officers of the Corporation and Oppenheimer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Objectives
and Policies</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Compensation Committee&#146;s objective is to provide a
competitive compensation program with appropriate incentives for
superior performance, thereby providing a strong and direct link
between corporate performance and compensation. Performance is
defined in several ways, as more fully discussed below, each of
which has relevance to the Corporation&#146;s success in the
short-term, long-term or both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation&#146;s compensation program for senior executive
officers consists of the following key elements: a base salary,
an annual bonus, grants of stock options and, in the case of the
Chief Executive Officer, the Performance-Based Compensation
Agreement referred to below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In arriving at its recommendations concerning the specific
components of the Corporation&#146;s compensation program, the
Compensation Committee considers certain public information
about the compensation paid by a group of comparable public
Canadian and U.S. broker-dealers and the relative performance of
the Corporation as measured by net income levels and earnings
per share, among other factors.
</DIV>

<P align="center" style="font-size: 10pt;">14
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Compensation Committee believes that this approach best
serves the interests of shareholders by enabling the Corporation
to structure compensation in a way that meets the requirements
of the highly competitive environment in which the Corporation
operates, while ensuring that senior executive officers are
compensated in a manner that advances both the short and
long-term interests of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compensation for the Corporation&#146;s senior executive
officers involves a significant component of remuneration which
is contingent on the performance of both the Corporation and the
senior executive officer: the variable annual bonus (which
permits individual performance to be recognized on an annual
basis, and which is based, in significant part, on an evaluation
of the contribution made by the officer to corporate
performance) and stock options (which directly relate a portion
of compensation to stock price appreciation realized by the
Corporation&#146;s shareholders).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Base Salary.</I> Salaries paid to senior executive officers
(other than the Chief Executive Officer) are reviewed annually
by the Compensation Committee considering recommendations made
by the Chief Executive Officer to the Compensation Committee,
based upon the Chief Executive Officer&#146;s assessment of the
nature of the position, and the skills, experience and
performance of each senior executive officer, as well as
salaries paid by comparable companies in the Corporation&#146;s
industry. The Compensation Committee then makes recommendations
to the Board with respect to base salaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Annual Bonus.</I> Bonuses paid to senior executive officers
(other than the Chief Executive Officer) are reviewed annually
by the Compensation Committee considering recommendations made
by the Chief Executive Officer to the Compensation Committee,
based upon the Chief Executive Officer&#146;s assessment of the
performance of the Corporation and his assessment of the
contribution of each senior executive to that performance. The
Compensation Committee then makes recommendations to the Board
with respect to bonuses. Senior executive officers, including
the Chief Executive Officer, of Oppenheimer have the right to
elect to defer a portion of their annual bonus and
performance-based compensation under Oppenheimer&#146;s
Executive Deferred Compensation Plan, a non-qualified unfunded
plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stock Option Grants.</I> Under the Plan, senior executive
officers and employees of the Corporation and its subsidiaries
(other than the Chief Executive Officer) are granted stock
options by the Compensation Committee based upon the
recommendations of the Chief Executive Officer and based upon a
variety of considerations, including the date of the last grant
made to the officer or employee, as well as considerations
relating to the contribution and performance of the specific
optionee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Chief
Executive Officer Compensation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;A.G. Lowenthal, the Chairman of the Board and the Chief
Executive Officer of the Corporation and Oppenheimer, is paid a
base salary set by the Compensation Committee, plus
performance-based compensation under the Performance-Based
Compensation Agreement referred to below and, at the discretion
of the Compensation Committee, is eligible for bonuses and
grants of stock options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;1, 2001, the Corporation entered into a
Performance-Based Compensation Agreement (the &#147;2001 Comp
Agreement&#148;) with Mr.&nbsp;Lowenthal, which expires on
December&nbsp;31, 2005. The 2001 Comp Agreement was approved by
the Class B Shareholders in 2001. The purpose of the 2001 Comp
Agreement is to set the terms under which
Mr.&nbsp;Lowenthal&#146;s performance-based compensation is to
be calculated during the term thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March of 2004, the Compensation Committee established
performance goals under the 2001 Comp Agreement entitling
Mr.&nbsp;Lowenthal to a Performance Award under the 2001 Comp
Agreement for the year 2004 of an aggregate of $207,568
determined by the application of a formula based on the
following components: (i)&nbsp;the amount by which the closing
price of one Class&nbsp;A Share at January&nbsp;1, 2005,
exceeded the closing price of one Class&nbsp;A Share as at
December&nbsp;31, 2003 multiplied by 200,000 shares;
(ii)&nbsp;2% of the amount by which the Corporation&#146;s
consolidated profit before income taxes for the year ended
December&nbsp;31, 2004 exceeded 10% of and is less than 15%, 3%
of the amount by which the Corporation&#146;s consolidated
profit before income taxes for the year ended December&nbsp;31,
2004 exceeded 15% of and is less than 25%, and 4% of the amount
by which the Corporation&#146;s consolidated profit before
income taxes for the year ended December&nbsp;31, 2004 exceeded
25% of the Corporation&#146;s restated consolidated
shareholders&#146; equity as at December&nbsp;31, 2003; and
(iii)&nbsp;2% of pre tax profit up to $50,602,000, 3% of pre tax
profit in excess of $50,602,000 up to $101,204,000, and 4% of
pre tax
</DIV>

<P align="center" style="font-size: 10pt;">15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
profit over $102,204,000. Mr.&nbsp;Lowenthal declined the amount
calculated under&nbsp;(iii). In March of 2004, the Compensation
Committee set Mr. Lowenthal&#146;s base salary for 2004 at
$500,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reference is made to &#147;Amended and Restated
Performance-Based Compensation Agreement&#148; above with
respect to the extension of the term of the Performance-Based
Compensation Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S.&nbsp;Internal
Revenue Code Section&nbsp;162(m)</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation is a Canadian taxpayer. However, because
Oppenheimer is a U.S.&nbsp;taxpayer, most compensation issues
are affected by the U.S.&nbsp;Internal Revenue Code of 1986, as
amended (the &#147;U.S. Tax Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;162(m) of the U.S. Tax Code generally disallows a
tax deduction to public corporations for annual compensation of
over $1,000,000 paid to any of the Corporation&#146;s chief
executive officer and four other most highly paid executive
officers (determined as of the end of each fiscal year) unless
such compensation constitutes qualified performance-based
compensation or otherwise qualifies for an exception.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to qualify for exemptions under Section&nbsp;162(m) in
2001, the 2001 Comp Agreement was adopted and approved by the
Class&nbsp;B Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent consistent with the Corporation&#146;s general
compensation objectives, the Compensation Committee considers
the potential effect of Section&nbsp;162(m) on compensation paid
to the executive officers of the Corporation and its
subsidiaries. However, the Compensation Committee reserves the
right to award and recommend the awarding of non-deductible
compensation in any circumstances it deems appropriate. Further,
because of ambiguities and uncertainties as to the application
and interpretation of Section&nbsp;162(m) and the regulations
issued thereunder, no assurance can be given, notwithstanding
the Corporation&#146;s efforts to qualify, that the compensation
paid by the Corporation to its executive officers will in fact
satisfy the requirements for the exemption from the
Section&nbsp;162(m) deduction limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Members
of the Compensation and Stock Option Committee</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Burton Winberg &#151; Chairman</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    John L. Bitove</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">16
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Share Performance Graph</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following graph shows changes over the past five year period
of U.S.$100 invested in (1)&nbsp;the Company&#146;s Class&nbsp;A
Shares, (2)&nbsp;the Standard &#38; Poors 500 Index, and
(3)&nbsp;the Standard&nbsp;&#38; Poors&nbsp;/ Toronto Stock
Exchange Composite Index.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PERFORMANCE GRAPH</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="t16082bt1608201.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>



<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>1999</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>2000</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>2001</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>2002</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>2003</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right" nowrap>2004</TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oppenheimer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>173</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    S&#38;P 500</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>83</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    S&#38;P / TSX Composite</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>110</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 27pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>STATEMENT OF CORPORATE GOVERNANCE PRACTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Class&nbsp;A Shares are listed on the TSX and the NYSE.
Accordingly, the Corporation is currently subject to the
corporate governance requirements of the TSX Corporate
Governance Guidelines (the &#147;TSX Guidelines&#148;), the NYSE
Corporate Governance Rules (the &#147;NYSE Rules&#148;) and the
<I>United States Sarbanes-Oxley Act of 2002
</I>(&#147;SOX&#148;). Attached as Schedule&nbsp;F are
checklists describing the Corporation&#146;s alignment with the
TSX Guidelines, the NYSE Rules, the governance provisions of SOX
and descriptions of the Committees of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board Responsibilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fundamental responsibility of the Board is to supervise the
management of the business of the Corporation with a view to
maximizing shareholder value and ensuring corporate conduct in a
legal and ethical manner through a system of corporate
governance and internal controls appropriate to the
Corporation&#146;s business. Given the nature of the
Corporation&#146;s business and the size and composition of the
Board, the Board has determined that there is no current need to
develop a specific mandate for the Board or the chief executive
officer. The Board has adopted a statement of Corporate
Governance Guidelines to which it adheres.
</DIV>

<P align="center" style="font-size: 10pt;">17
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In fulfilling its mandate, the Board&#146;s responsibilities
include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the establishment and maintenance of an appropriate system of
    corporate governance, including practices to ensure that the
    Board functions effectively and independently of management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    monitoring and overseeing the Corporation&#146;s strategic
    planning;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    monitoring the performance of the Corporation&#146;s business,
    identifying and evaluating opportunities and risks and
    controlling risk;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    overseeing monitoring systems for internal controls, audit and
    information management systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    assessing and monitoring the performance of senior management
    and overseeing succession planning;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    remuneration of executive officers and senior management and
    reviewing the general compensation policy of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviewing and approving the Corporation&#146;s financial
    statements and overseeing the Corporation&#146;s compliance with
    applicable audit, accounting and financial reporting
    requirements; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    overseeing corporate communications to all stakeholders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2004, seven Board meetings were held. All of the
Directors attended three of the meetings and eight of nine
directors attended the other four meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The checklists and summaries attached as Schedule&nbsp;F provide
further information on the Corporation&#146;s approach to
corporate governance.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT OF THE AUDIT COMMITTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As required by the Corporation&#146;s Audit Committee charter,
the Audit Committee reports as follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee of the Board oversees the Corporation&#146;s
financial reporting process on behalf of the Board. It meets
with management and the Corporation&#146;s auditors regularly
and reports the results of its activities to the Board. In this
connection, the Audit Committee has done with respect to fiscal
2004 the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Reviewed and discussed with the Corporation&#146;s management
    and PricewaterhouseCoopers LLP, the Corporation&#146;s unaudited
    quarterly reports on Form&nbsp;10-Q and quarterly reports to
    shareholders for the first three quarters of the year;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Reviewed and discussed the Corporation&#146;s audited financial
    statements and report on Form&nbsp;10-K for the fiscal year
    ended December&nbsp;31, 2004 with the Corporation&#146;s
    management;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Discussed with PricewaterhouseCoopers LLP the matters required
    to be discussed by SAS 61 (American Institute of Certified
    Public Accountants Codification of Statements on Auditing
    Standards), as&nbsp;amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Received written disclosure regarding independence from
    PricewaterhouseCoopers LLP as required by Independence Standards
    Board Standard No.&nbsp;1 (Independence Discussions with Audit
    Committee) and discussed with PricewaterhouseCoopers LLP its
    independence; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Discussed with management and Grant Thornton LLP (who were
    retained by the Corporation to assist management) and with
    PricewaterhouseCoopers LLP the documentation and testing of the
    Corporation&#146;s internal accounting controls in accordance
    with the requirements of section 404 of the <I>Sarbanes Oxley
    Act of 2002</I>.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on the foregoing, the Audit Committee recommended to the
Board that the Corporation&#146;s audited financial statements
prepared in accordance with US GAAP be included in the
Corporation&#146;s Annual Report on Form&nbsp;10-K and Annual
Report to Shareholders for the year ended December&nbsp;31, 2004
and that the Corporation&#146;s audited financial statements
prepared in accordance with Canadian GAAP, which conform in all
material respects with US GAAP, be provided to Shareholders with
the Corporation&#146;s Annual Report to Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2004, nine meetings of the Audit Committee were held. All
of the members of the Audit Committee attended such meetings
except for one meeting which was attended by two of the members
of the Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Members
of the Audit Committee</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Burton Winberg &#151; Chairman</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    John L. Bitove</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Kenneth W. McArthur</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">18
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHAREHOLDER PROPOSALS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Business Corporations Act of Ontario (the &#147;OBCA&#148;),
which governs the Corporation, and the Canada Business
Corporations Act (the &#147;CBCA&#148;), which will govern the
Corporation if it is continued thereunder, provide that a
shareholder entitled to vote at a meeting of shareholders may,
in accordance with the provisions of the OBCA or the CBCA, as
the case may be, submit a notice of a proposal to the
Corporation that the shareholder wishes to be considered by the
shareholders entitled to vote at a meeting of shareholders. In
order for any shareholder proposal, for the next meeting of
shareholders of the Corporation following the May&nbsp;9, 2005
Meeting, or any adjournment thereof, to be included in the
Circular for such meeting, the proposal must comply with the
provisions of the OBCA or the CBCA, as the case may be, and be
submitted to the Corporation at its registered office at 20
Eglinton Avenue West, Suite 1110, Toronto, Ontario M4R 1K8
(Attention: Secretary) prior to February&nbsp;15, 2006 in the
case of the Corporation&#146;s 2006 annual meeting of
shareholders or at least 60&nbsp;days prior to any special
meeting of shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INCORPORATION BY REFERENCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation&#146;s consolidated financial statements
including its consolidated balance sheets for the years ended
December&nbsp;31, 2004 and December 31, 2003, its consolidated
statements of operations, changes in shareholders equity and
cash flows for the years ended December&nbsp;31, 2004, 2003 and
2002 and the notes thereto contained in the Corporation&#146;s
Annual Report to Shareholders for the fiscal year ended
December&nbsp;31, 2003, a copy of which is being
contemporaneously distributed with this Circular, are
incorporated by reference into this Circular. Any statement
contained in a document which is incorporated, or deemed to be
incorporated, by reference into this Circular, shall be
considered modified or superseded for purposes of this
Management Information Circular to the extent that a statement
contained in this Circular or in any other subsequently filed
document which also is, or is deemed to be, incorporated by
reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this
Circular.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHAREHOLDER COMMUNICATIONS WITH THE BOARD</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of Class&nbsp;A and Class&nbsp;B Shares may communicate
with the Board, including to request copies of the
Corporation&#146;s financial statements and MD&#38;A, by e-mail
to investorrelations@opy.ca (Attention: Board of Directors) or
by mail to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Oppenheimer Holdings Inc.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Board of Directors</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    c/o The President</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    20 Eglinton Avenue West</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Suite&nbsp;1110, P.O. Box 2015</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Toronto, Ontario</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    M4R 1K8</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All such correspondence will be forwarded to the Lead Director
or to any individual Director or Directors to whom the
communication is or are directed, unless the communication is
unduly hostile, threatening, illegal, does not reasonably relate
to the Corporation or its business or is similarly
inappropriate. The President of the Corporation has the
authority to discard or disregard inappropriate communications
or to take other reasonable actions with respect to any such
inappropriate communications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Additional information relating to the Corporation is available
on SEDAR at www.sedar.com, on EDGAR at www.sec.gov and at the
Corporation&#146;s website at www.opco.com.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIRECTORS&#146; APPROVAL</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The contents of and sending of this Circular have been approved
by the Board of Directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
DATED AS OF this 24&nbsp;day of March, 2005.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(signed)&nbsp;A.W. Oughtred
</DIV>

<DIV align="right" style="font-size: 10pt;">
Secretary
</DIV>

<P align="center" style="font-size: 10pt;">19
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SHAREHOLDERS&#146; RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>1996 EQUITY INCENTIVE PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RESOLVED THAT:</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The resolution passed by the Board of Directors on
    March&nbsp;10, 2005 amending the Corporation&#146;s 1996 Equity
    Incentive Plan by increasing the number of Class&nbsp;A
    non-voting shares of the Corporation (&#147;Class&nbsp;A
    Share&#148;) which may be issued pursuant to options to purchase
    Class&nbsp;A Shares granted under the Plan by 400,000 shares as
    more fully described in the Corporation&#146;s Management
    Information Circular dated March&nbsp;24, 2005 be and it is
    hereby confirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The proper officers and directors of the Corporation be and they
    are herby authorized and directed to take all such action and
    execute all such documents as are necessary to implement the
    terms of this resolution.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">A-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-2</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SHAREHOLDERS&#146; RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>OPPENHEIMER &#38; CO. INC. EMPLOYEE SHARE PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RESOLVED THAT:</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The resolution passed by the Board of Directors on
    March&nbsp;10, 2005 approving the Oppenheimer&nbsp;&#38; Co.
    Inc. Employee Share Plan, a copy of which appears as
    Schedule&nbsp;B to the Corporation&#146;s Management Information
    Circular dated March&nbsp;24, 2005, be and it is hereby
    confirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The proper officers and directors of the Corporation be and they
    are hereby authorized and directed to take all such actions and
    execute all such documents as are necessary to implement the
    terms of this resolution.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">A-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-3</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SHAREHOLDERS RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>ISSUE OF CLASS A SHARES TO OPPENHEIMER &#38; CO. INC. 401(K)
PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RESOLVED THAT:</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The issue by the Board of Directors of the Corporation, from
    time to time, of up to an aggregate of 180,000 Class&nbsp;A
    non-voting shares of the Corporation to the Oppenheimer &#38;
    Co. Inc. 401(k) Plan at the closing price per share on the New
    York Stock Exchange of the Class&nbsp;A non-voting shares on the
    date of issue be and they are hereby authorized.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The proper officers and directors of the Corporation be and they
    are hereby authorized and directed to take all such actions and
    execute all such documents as are necessary to implement the
    terms of this resolution.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">A-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-4</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SPECIAL SHAREHOLDERS&#146; RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>CONTINUATION UNDER THE CANADA BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS the Corporation was continued under the <I>Business
Corporations Act </I>(Ontario) (the &#147;OBCA&#148;) on
October&nbsp;12, 1977;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AND WHEREAS the Corporation wishes to apply to the Director
under the <I>Canada Business Corporations Act </I>(the
&#147;CBCA&#148;), requesting that the Corporation be continued
as if it had been incorporated under the CBCA;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOW THEREFORE BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The Corporation apply to the Director under the OBCA, pursuant
    to section 181 of the OBCA, for authorization of its application
    to continue under the CBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The Corporation apply to the Director under the CBCA, pursuant
    to section 187 of the CBCA, for a certificate of continuance
    continuing the Corporation under the CBCA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD align="left">
    The articles of continuance of the Corporation forming part of
    the said application for continuance shall be substantially in
    the form attached to the Corporation&#146;s Management
    Information Circular dated March&nbsp;24, 2005 as
    Schedule&nbsp;C and, upon the issuance of a certificate of
    continuance continuing the Corporation under the CBCA, the
    articles of continuance shall be deemed to be the articles of
    incorporation of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD align="left">
    The directors of the Corporation are hereby authorized to
    abandon the application for continuance of the Corporation under
    the CBCA without further approval of the shareholders of the
    Corporation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>5.</TD>
    <TD align="left">
    Any one of the directors or officers of the Corporation is
    hereby authorized to execute, whether under the corporate seal
    of the Corporation or otherwise, and deliver all such documents
    and to do all such other acts and things as such director or
    officer may determine to be necessary or advisable in connection
    with such continuance.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">A-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-5</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SHAREHOLDERS&#146; RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>CONFIRMATION OF BY-LAW NUMBER 1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RESOLVED THAT:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Subject to the continuance of the Corporation under the
<I>Canada Business Corporations Act</I>, By-law No.&nbsp;1 of
the Corporation enacted by the Directors of the Corporation on
March&nbsp;10, 2005, a copy of which appears as Schedule&nbsp;D
to the Corporation&#146;s Management Information Circular dated
March&nbsp;24, 2005, be and it is hereby confirmed.
</DIV>

<P align="center" style="font-size: 10pt;">A-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A-6</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROPOSED SHAREHOLDERS&#146; RESOLUTION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>PERFORMANCE-BASED COMPENSATION AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RESOLVED THAT:</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The resolution passed by the Board of Directors on
    March&nbsp;10, 2005 approving the Amended and Restated
    Performance-Based Compensation Agreement dated as of
    March&nbsp;15, 2005 between the Corporation and Mr.&nbsp;A. G.
    Lowenthal, a copy of which appears as Schedule&nbsp;E to the
    Corporation&#146;s Management Information Circular dated
    March&nbsp;24, 2005, be and it is hereby confirmed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The proper officers and directors of the Corporation be and they
    are hereby authorized and directed to take all such action and
    execute all such documents as are necessary to implement the
    terms of this resolution.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">A-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE B</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER &#38; CO. INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EMPLOYEE SHARE PLAN</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE I</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The purpose of this Oppenheimer&nbsp;&#38; Co. Inc. Employee
Share Plan (the &#147;Plan&#148;) is to benefit the shareholders
of Oppenheimer &#38; Co. Inc., (the &#147;Company&#148;), by
assisting the Company and its affiliates to attract, retain and
provide incentives to key management employees of the Company,
and to align the interests of such employees with those of the
shareholders of the Company and the shareholders of the
Company&#146;s parent corporation, Oppenheimer Holdings Inc.
(the &#147;Parent&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE II</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following definitions shall be applicable throughout the
Plan unless the context otherwise requires:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Board&#148; shall mean the Board of Directors of the
Parent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Bonus Shares&#148; shall mean those Class&nbsp;A Shares
awarded to an Employee pursuant to the provisions of
Section&nbsp;8.3 of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Code&#148; shall mean the Internal Revenue Code of 1986,
as amended. Reference in the Plan to any section of the Code
shall be deemed to include any amendments or successor
provisions to any section and any regulation under such section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Committee&#148; shall mean the Compensation and Stock
Option Committee of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Class&nbsp;A Shares&#148; shall mean the Class&nbsp;A
non-voting shares, of the Parent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Company&#148; shall mean Oppenheimer &#38; Co. Inc., a
Delaware corporation, and any successor thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Effective Date&#148; shall mean January&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Employee&#148; shall mean any person employed by the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;<I>Exchange Act</I>&#148; shall mean the <I>Securities
Exchange Act of 1934</I>, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Fair Market Value&#148; shall mean, as of any specified
date, the mean of the reported high and low sales prices of the
Class&nbsp;A Shares on the New York Stock Exchange composite
tape on that date, or if no prices are reported on that date, on
the last preceding date on which such prices of the Class&nbsp;A
Shares are so reported.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Family Member&#148; shall mean any child, stepchild,
grandchild, parent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law or sister-in-law, including
adoptive relationships, any person sharing the Holder&#146;s
household (other than a tenant of the Holder), a trust in which
such persons have more than fifty percent (50%) of the
beneficial interest, a foundation in which such persons (or the
Holder) control the management of assets, and any other entity
in which such persons (or the Holder) own more than fifty
percent (50%) of the voting interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Holder&#148; shall mean an Employee who has been granted a
Restricted Stock Award or any such individual&#146;s
beneficiary, estate or representative, to the extent applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Insider&#148; shall have the meaning ascribed thereto in
the <I>Securities Act of Ontario</I>, Canada and also includes
associates and affiliates of insiders as those terms are defined
in such legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Parent&#148; shall mean Oppenheimer Holdings Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Plan&#148; shall mean this Oppenheimer&nbsp;&#38; Co. Inc.
Employee Share Plan, as amended from time to time, together with
each of the Restricted Stock Award Agreements utilized hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restricted Stock Award&#148; shall mean an award granted
under the Plan of Class&nbsp;A Shares, the transferability of
which by the Holder shall be subject to Transfer Restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restricted Stock Award Agreement&#148; shall mean a
written agreement between the Company and a Holder with respect
to a Restricted Stock Award.
</DIV>

<P align="center" style="font-size: 10pt;">B-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restriction Period&#148; shall mean the period of time for
which Class&nbsp;A Shares issued under the Plan shall be subject
to Transfer Restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rule&nbsp;16b-3&#148; shall mean Rule&nbsp;16b-3
promulgated by the Securities and Exchange Commission under the
<I>Exchange Act</I>, as such may be amended from time to time,
and any successor rule, regulation or statute fulfilling the
same or a substantially similar function.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Total and Permanent Disability&#148; shall mean the
inability to engage in any substantial gainful activity by
reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has
lasted or can be expected to last for a continuous period of not
less than twelve (12)&nbsp;months, all as described in
Section&nbsp;22(e)(3) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Transfer Restrictions&#148; shall mean restrictions on the
transferability of shares of Class&nbsp;A Shares awarded to an
Employee under the Plan.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE III</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EFFECTIVE DATE OF PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Plan shall be effective as of the Effective Date.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE IV</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>ADMINISTRATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Composition of
Committee.</I> The Plan shall be administered by the Committee,
which shall be appointed by the Board. Notwithstanding the
foregoing, however, at any time that the Class&nbsp;A Shares are
listed on a national securities exchange or quoted on NASDAQ,
the Committee shall consist solely of two (2)&nbsp;or more
Directors who are each (i) &#147;outside directors&#148; within
the meaning of Section&nbsp;162(m) of the Code (&#147;Outside
Directors&#148;), and (ii) &#147;non-employee directors&#148;
within the meaning of Rule&nbsp;16b-3 (&#147;Non-Employee
Directors&#148;); <I>provided</I>, <I>however</I>, that the
Board or the Committee may delegate to a committee of one or
more members of the Board who are not (x)&nbsp;Outside
Directors, the authority to grant Restricted Stock Awards to
eligible persons who are not (A)&nbsp;then &#147;covered
employees&#148; within the meaning of Section&nbsp;162(m) of the
Code and are not expected to be &#147;covered employees&#148; at
the time of recognition of income resulting from such Restricted
Stock Award, or (B) persons with respect to whom the Company
wishes to comply with the requirements of Section&nbsp;162(m) of
the Code, and/or (y)&nbsp;Non-Employee Directors, the authority
to grant Restricted Stock Awards to eligible persons who are not
then subject to the requirements of Section&nbsp;16 of the
<I>Exchange Act</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Powers.</I> Subject to the
provisions of the Plan, the Committee shall have the sole
authority, in its discretion, to determine which individuals
shall receive a Restricted Stock Award, the time or times when
such Restricted Stock Award shall be made and the number of
Class&nbsp;A Shares which may be issued under such Restricted
Stock Award, as applicable. In making such determinations the
Committee may take into account the nature of the services
rendered by the respective individuals, their present and
potential contribution to the Company&#146;s success and such
other factors as the Committee in its discretion shall deem
relevant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Powers.</I> The
Committee shall have such additional powers as are delegated to
it under the other provisions of the Plan. Subject to the
express provisions of the Plan, the Committee is authorized to
construe the Plan and the respective Restricted Stock Award
Agreements executed hereunder, to prescribe such rules and
regulations relating to the Plan as it may deem advisable to
carry out the intent of the Plan, and to determine the terms,
restrictions and provisions of each Restricted Stock Award, and
to make all other determinations necessary or advisable for
administering the Plan. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in any
Restricted Stock Award Agreement in the manner and to the extent
it shall deem expedient to carry it into effect. The
determinations of the Committee on the matters referred to in
this Article&nbsp;IV shall be conclusive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Committee Action.</I> In the
absence of specific rules to the contrary, action by the
Committee shall require the consent of a majority of the members
of the Committee, expressed either orally at a meeting of the
Committee or in writing in the absence of a meeting.
</DIV>

<P align="center" style="font-size: 10pt;">B-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE V</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>STOCK SUBJECT TO PLAN AND LIMITATIONS THEREON</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Grant and Award
Limits.</I> The Committee may from time to time grant Restricted
Stock Awards to one or more Employees determined by it to be
eligible for participation in the Plan in accordance with the
provisions of Article&nbsp;VI. Subject to Article&nbsp;IX, the
aggregate number of Class&nbsp;A Shares that may be issued under
the Plan shall not exceed Seven Hundred Fifty Thousand (750,000)
shares. Class&nbsp;A Shares shall be deemed to have been issued
under the Plan solely to the extent actually issued and
delivered pursuant to a Restricted Stock Award. To the extent
that a Restricted Stock Award lapses or the rights of its Holder
terminate, any Class&nbsp;A Shares subject to such Restricted
Stock Award shall again be available for the grant of a new
Restricted Stock Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Offered.</I> The stock
to be offered pursuant to the grant of a Restricted Stock Award
may be authorized but unissued Class&nbsp;A Shares or
Class&nbsp;A Shares purchased on the open market
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE VI</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>ELIGIBILITY FOR RESTRICTED STOCK AWARDS;</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>TERMINATION OF EMPLOYMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility.</I> Restricted
Stock Awards made under the Plan may be granted solely to
persons who, at the time of grant, are Employees. A Restricted
Stock Award may be granted on more than one occasion to the same
Employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions on Insiders.</I>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    The number of Class&nbsp;A Shares issuable, at any time, to
    employees that are Insiders as Restricted Stock Awards and with
    respect to all other rights such Employees have to receive
    Class&nbsp;A Shares under other share compensation arrangements
    of the Company or the Parent shall not exceed 10% of the issued
    and outstanding Class&nbsp;A Shares.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    The number of Class&nbsp;A Shares issued to Employees that are
    Insiders, within any twelve-month period, pursuant to Restricted
    Stock Awards or pursuant to other share compensation
    arrangements of the Company or the Parent may not exceed 10% of
    the issued and outstanding Class&nbsp;A Shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of
Employment.</I> Except to the extent inconsistent with the terms
of the applicable Restricted Stock Award Agreement, if a
Holder&#146;s employment with the Company terminates for any
reason prior to the actual or deemed satisfaction and/or lapse
of the Transfer Restrictions applicable to such Holder&#146;s
Restricted Stock Award, such Restricted Stock shall immediately
be cancelled, and the Holder (and such Holder&#146;s estate,
designated beneficiary or other legal representative) shall
forfeit any rights or interests in and with respect to any such
Restricted Stock. The immediately preceding sentence to the
contrary notwithstanding, the Committee, in its sole discretion,
may determine, prior to or within thirty (30)&nbsp;days after
the date of such termination of employment that all or a portion
of any such Holder&#146;s Restricted Stock shall not be so
cancelled and forfeited, for example, in the case of a
Holder&#146;s death or Total and Permanent Disability.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE VII</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>RESTRICTED STOCK AWARDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restriction Period to be
Established by Committee.</I> At the time a Restricted Stock
Award is made, the Committee shall establish the Restriction
Period applicable to the Transfer Restrictions imposed in
connection with such Restricted Stock Award. Each Restricted
Stock Award may have different Transfer Restrictions and/or a
different Restriction Period, in the discretion of the
Committee. The Transfer Restrictions and/or Restriction Period
applicable to a particular Restricted Stock Award shall not be
changed except as permitted by Section&nbsp;7.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Terms and
Conditions.</I> Class&nbsp;A Shares awarded pursuant to a
Restricted Stock Award shall, when issued, be represented by a
stock certificate registered in the name of the Holder of such
Restricted Stock Award. If provided for under the Restricted
Stock Award Agreement, the Holder shall enjoy all shareholder
rights applicable to the Class&nbsp;A Shares, except that
(i)&nbsp;the Holder shall not be entitled to delivery of the
stock certificate until the Restriction Period shall have
expired, (ii)&nbsp;the Company shall retain custody of the stock
certificate during the Restriction Period, (iii)&nbsp;the Holder
may not sell, transfer, pledge, exchange, hypothecate or
otherwise dispose of the Class&nbsp;A Shares during the
Restriction Period, (iv)&nbsp;the Holder shall be entitled to
receive
</DIV>

<P align="center" style="font-size: 10pt;">B-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
dividends on the Class&nbsp;A Shares during the Restriction
Period and (v)&nbsp;a breach of the terms and conditions
established by the Committee pursuant to the Restricted Stock
Award Agreement shall cause a forfeiture of the Restricted Stock
Award. A Restricted Stock Award may be by way of the conditional
issue of Class&nbsp;A shares where the Class&nbsp;A Shares will
not actually be issued until conditions are met at a future date
in which case the recipient of the Restricted Stock Award would
have no rights as a shareholder unless and until the conditions
are met and the Class&nbsp;A Shares actually issued. At the time
of a Restricted Stock Award, the Committee may, in its sole
discretion, prescribe additional terms and conditions or
restrictions relating to Restricted Stock Awards, including, but
not limited to, rules pertaining to the effect of termination of
employment prior to expiration of the Restriction Period. Such
additional terms, conditions or restrictions shall, to the
extent inconsistent with the provisions of this
Section&nbsp;7.2, be set forth in a Restricted Stock Award
Agreement made in conjunction with the Restricted Stock Award.
Such Restricted Stock Award Agreement may also include
provisions relating to (i)&nbsp;subject to the provisions
hereof, accelerated vesting of Restricted Stock Awards,
including but not limited to accelerated vesting upon the
occurrence of a &#147;change of control&#148; of the Company or
the Parent, (ii)&nbsp;tax matters (including provisions covering
any applicable Employee wage withholding requirements and
requiring additional &#147;gross-up&#148; payments to Holders to
meet any excise taxes or other additional income tax liability
imposed as a result of a payment made in connection with a
&#147;change of control&#148; of the Company resulting from the
operation of the Plan or of such Restricted Stock Award
Agreement) and (iii)&nbsp;any other matters not inconsistent
with the terms and provisions of the Plan that the Committee
shall in its sole discretion determine. The terms and conditions
of the respective Restricted Stock Award Agreements need not be
identical.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment for Restricted
Stock.</I> The Committee shall determine the amount and form of
any payment for Class&nbsp;A Shares received pursuant to a
Restricted Stock Award, provided that in the absence of such a
determination, a Holder shall not be required to make any
payment for Class&nbsp;A Shares received pursuant to a
Restricted Stock Award, except to the extent otherwise required
by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock Award
Agreements.</I> At the time any Restricted Stock Award is made
under this Article&nbsp;VII, the Company and the Holder shall
enter into a Restricted Stock Award Agreement setting forth each
of the matters contemplated hereby and such other matters as the
Committee may determine to be appropriate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE VIII</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>ADDITIONAL CLASS A SHARES PURCHASES AND</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AWARDS OF BONUS SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>In General.</I> Prior to
each calendar year occurring on or after the Effective Date, the
Board, in its sole discretion, shall determine whether or not
any Class&nbsp;A Shares may be purchased by one or more
Employees under this Article&nbsp;VIII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Class&nbsp;A
Shares Purchases.</I> For any applicable calendar year pursuant
to the provisions of Section&nbsp;8.1, any Employee so
designated by the Committee may elect, by a date to be set by
the Committee, to forego the receipt of a portion of his or her
annual bonus to be payable for services rendered in the
immediately preceding calendar year, up to a maximum amount to
be determined by the Committee, and to have the Company instead
use such funds to purchase for the Employee, shares of fully
vested and unencumbered Class&nbsp;A Shares, through open market
purchases, such shares having a Fair Market Value in the
aggregate which is equal to such foregone bonus amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Awards of Bonus Shares.</I>
The Company shall award any Employee who makes an election under
Section&nbsp;8.1 (utilizing the Bonus Deferral Election form
attached hereto as Exhibit&nbsp;A) for a particular calendar
year, with that number of Bonus Shares having a Fair Market
Value in an amount or percentage of the total Fair Market Value
of the shares purchased by the Employee pursuant to
Section&nbsp;8.2 determined by the Committee. The Bonus Shares
shall be subject to Transfer Restrictions for a period
determined by the Committee from their date of award. Should the
Employee&#146;s employment with the Company terminate for any
reason prior to the end of the Restriction Period, the Employee
shall forfeit such Bonus Shares in their entirety. The
immediately preceding sentence to the contrary notwithstanding,
the Committee, in its sole discretion, may determine, prior to
or within thirty&nbsp;(30) days after the date of an
Employee&#146;s termination of employment, that all or a portion
of such Employee&#146;s Bonus Shares shall not be so cancelled
and forfeited, for example, in the case of the Employee&#146;s
death or Total and Permanent Disability.
</DIV>

<P align="center" style="font-size: 10pt;">B-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE IX</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>RECAPITALIZATION OR REORGANIZATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustments to Class&nbsp;A
Shares.</I> The shares with respect to which Restricted Stock
Awards may be granted under the Plan are Class&nbsp;A Shares as
presently constituted; <I>provided</I>, <I>however</I>, that if,
and whenever, prior to the expiration or distribution to the
Holder of a Restricted Stock Award theretofore granted, the
Parent shall effect a subdivision or consolidation of
Class&nbsp;A Shares or the payment of a stock dividend on
Class&nbsp;A Shares without receipt of consideration by the
Parent, the number of Class&nbsp;A Shares with respect to which
such Restricted Stock Award may thereafter be exercised or
satisfied, as applicable, (i)&nbsp;in the event of an increase
in the number of outstanding shares, shall be proportionately
increased, and the purchase price per share shall be
proportionately reduced, and (ii)&nbsp;in the event of a
reduction in the number of outstanding shares, shall be
proportionately reduced, and the purchase price per share shall
be proportionately increased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Recapitalization.</I> If the
Parent recapitalizes or otherwise changes its capital structure,
thereafter upon any exercise or satisfaction, as applicable, of
a previously granted Restricted Stock Award, the Holder shall be
entitled to receive (or entitled to purchase, if applicable)
under such Restricted Stock Award, in lieu of the number of
Class&nbsp;A Shares then covered by such Restricted Stock Award,
the number and class of shares of stock and securities to which
the Holder would have been entitled pursuant to the terms of the
recapitalization if, immediately prior to such recapitalization,
the Holder had been the holder of record of the number of
Class&nbsp;A Shares then covered by such Restricted Stock Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Events.</I> In the
event of changes to the outstanding Class&nbsp;A Shares by
reason of recapitalizations, reorganizations, amalgamations,
mergers, consolidations, combinations, exchanges or other
relevant changes in capitalization occurring after the date of
the grant of any Restricted Stock Award and not otherwise
provided for under this Article&nbsp;IX, any outstanding
Restricted Stock Awards and any Restricted Stock Award
Agreements evidencing such Restricted Stock Awards shall be
subject to adjustment by the Committee in its discretion as to
the number and price of Class&nbsp;A Shares or other
consideration subject to such Restricted Stock Awards. In the
event of any such change to the outstanding Class&nbsp;A Shares,
the aggregate number of shares available under the Plan may be
appropriately adjusted by the Committee, the determination of
which shall be conclusive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Powers Not Affected.</I> The
existence of the Plan and the Restricted Stock Awards granted
hereunder shall not affect in any way the right or power of the
Board or of the shareholders of the Parent to make or authorize
any adjustment, recapitalization, reorganization or other change
of the Parent&#146;s capital structure or business, any merger
or consolidation of the Parent, any issue of debt or equity
securities ahead of or affecting Class&nbsp;A Shares or the
rights thereof, the dissolution or liquidation of the Parent or
any sale, lease, exchange or other disposition of all or any
part of its assets or business or any other corporate act or
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Adjustment for Certain
Restricted Stock Awards.</I> Except as hereinabove expressly
provided, the issuance by the Parent of shares of stock of any
class or securities convertible into shares of stock of any
class, for cash, property, labor or services, upon direct sale,
upon the exercise of rights or warrants to subscribe therefor or
upon conversion of shares or obligations of the Parent
convertible into such shares or other securities, and in any
case whether or not for fair value, shall not affect previously
granted Restricted Stock Awards, and no adjustment by reason
thereof shall be made with respect to the number of Class&nbsp;A
Shares subject to Restricted Stock Awards theretofore granted or
the purchase price per share, if applicable.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE X</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AMENDMENT AND TERMINATION OF PLAN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendment and
Termination.</I> The Board in its discretion may terminate the
Plan at any time with respect to any shares for which Restricted
Stock Awards have not theretofore been granted. The Board shall
have the right to alter or amend the Plan or any part hereof
from time to time; <I>provided</I>, <I>however</I>, that no
change in any Restricted Stock Award theretofore granted may be
made which would materially and adversely impair the rights of a
Holder without the consent of the Holder (unless such change is
required in order to cause the benefits under the Plan to
qualify as &#147;performance-based&#148; compensation within the
meaning of Section&nbsp;162(m) of the Code).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.2&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Approval of
Amendments.</I> No amendment of the Plan or of any Restricted
Stock Awards requiring regulatory approval or the approval of
any stock exchange or quotation system on which the Class&nbsp;A
Shares are listed or quoted shall be effective until all
necessary approvals required thereby shall have been obtained.
</DIV>

<P align="center" style="font-size: 10pt;">B-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ARTICLE XI</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Right to Restricted
Stock Award.</I> Neither the adoption of the Plan by the Company
nor any action of the Board or the Committee shall be deemed to
give an Employee any right to a Restricted Stock Award except as
may be evidenced by a Restricted Stock Award Agreement duly
executed on behalf of the Company, and then solely to the extent
and on the terms and conditions expressly set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Rights Conferred.</I>
Nothing contained in the Plan shall (i)&nbsp;confer upon any
Employee any right with respect to continuation of employment
with the Company, or (ii)&nbsp;interfere in any way with the
right of the Company to terminate the employment of an Employee
at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Laws;
Withholding.</I> The Parent shall not be obligated to issue any
Class&nbsp;A Shares pursuant to any Restricted Stock Award
granted under the Plan at any time when the shares covered by
such Restricted Stock Award have not been registered under the
<I>Securities Act of 1933 </I>and under such other state and
federal laws, rules or regulations as the Parent or the
Committee deems applicable and, in the opinion of legal counsel
of the Parent, if there is no exemption from the registration
requirements of such laws, rules or regulations available for
the issuance and sale of such shares. No fractional Class&nbsp;A
Shares shall be delivered, nor shall any cash in lieu of
fractional shares be paid. The Parent shall have the right to
deduct in cash (whether under this Plan or otherwise) in
connection with all Restricted Stock Awards any taxes required
by law to be withheld and to require any payments required to
enable it to satisfy its withholding obligations. In the case of
any Restricted Stock Award satisfied in the form of Class&nbsp;A
Shares, no shares shall be issued unless and until arrangements
satisfactory to the Parent shall have been made to satisfy any
tax withholding obligations applicable with respect to such
Restricted Stock Award. Subject to such terms and conditions as
the Committee may impose, the Parent shall have the right to
retain, or the Committee may, subject to such terms and
conditions as it may establish from time to time, permit Holders
to elect to tender, Class&nbsp;A Shares (including Class&nbsp;A
Shares issuable in respect of a Restricted Stock Award) to
satisfy, in whole or in part, the amount required to be withheld.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Restriction on Corporate
Action.</I> Nothing contained in the Plan shall be construed to
prevent the Company or the Parent from taking any corporate
action which is deemed by the Company or the Parent to be
appropriate or in its best interest, whether or not such action
would have an adverse effect on the Plan or any Restricted Stock
Award made under the Plan. No Employee, beneficiary or other
person shall have any claim against the Company or the Parent as
a result of any such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions on
Transfer.</I> No Restricted Stock Award under the Plan or any
Restricted Stock Award Agreement and no rights or interests
herein or therein, shall or may be assigned, transferred, sold,
exchanged, encumbered, pledged or otherwise hypothecated or
disposed of by a Holder except (i)&nbsp;by will or by the laws
of descent and distribution, or (ii)&nbsp;by gift to any Family
Member of the Holder. Notwithstanding any such transfer, the
Holder shall continue to be subject to the withholding
requirements provided for under Section&nbsp;11.3 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Beneficiary
Designations.</I> Each Holder may, from time to time, name a
beneficiary or beneficiaries (who may be contingent or
successive beneficiaries) for purposes of receiving any amount
which is payable in connection with a Restricted Stock Award
under the Plan upon or subsequent to the Holder&#146;s death, by
utilizing the Beneficiary Designation form attached hereto as
Exhibit&nbsp;B. Each such beneficiary designation shall serve to
revoke all prior beneficiary designations, be in a form
prescribed by the Parent and be effective solely when filed by
the Holder in writing with the Company during the Holder&#146;s
lifetime. In the absence of any such written beneficiary
designation, for purposes of the Plan, a Holder&#146;s
beneficiary shall be the Holder&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rule&nbsp;16b-3.</I> It is
intended that, at any time when the Class&nbsp;A Shares are
listed on a national securities exchange or quoted on NASDAQ,
the Plan and any Restricted Stock Award made to a person subject
to Section&nbsp;16 of the <I>Exchange Act </I>shall meet all of
the requirements of Rule&nbsp;16b-3. If any provision of the
Plan or of any such Restricted Stock Award would disqualify the
Plan or such Restricted Stock Award under, or would otherwise
not comply with the requirements of, Rule&nbsp;16b-3, such
provision or Restricted Stock Award shall be construed or deemed
to have been amended as necessary to conform to the requirements
of Rule&nbsp;16b-3.
</DIV>

<P align="center" style="font-size: 10pt;">B-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;162(m).</I> It
is intended that, at any time when the Class&nbsp;A Shares are
listed on a national securities exchange or quoted on NASDAQ,
the Plan shall comply fully with and meet all the requirements
of Section&nbsp;162(m) of the Code so that Restricted Stock
Awards hereunder which are made to Holders who are &#147;covered
employees&#148; (as defined in Section&nbsp;162(m) of the Code)
shall constitute &#147;performance-based&#148; compensation
within the meaning of Section 162(m) of the Code. The
performance criteria to be utilized under the Plan for such
purposes shall consist of objective tests based on one or more
of the following: earnings or earnings per share, cash flow,
customer satisfaction, revenues, financial return ratios (such
as return on equity and/or return on assets), market
performance, shareholder return and/or value, operating profits,
EBITDA, net profits, profit returns and margins, stock price,
credit quality, sales growth, market share, comparisons to peer
companies (on a company-wide or divisional basis), working
capital and/or individual or aggregate employee performance. If
any provision of the Plan would disqualify the Plan or would not
otherwise permit the Plan to comply with Section&nbsp;162(m) as
so intended, such provision shall be construed or deemed amended
to conform to the requirements or provisions of
Section&nbsp;162(m); <I>provided</I>, <I>however</I>, that no
such construction or amendment shall have a material adverse
effect on the economic value to a Holder of any Restricted Stock
Award previously granted hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Plans.</I> No
Restricted Stock Award, payment or amount received hereunder
shall be taken into account in computing an Employee&#146;s
salary or compensation for the purposes of determining any
benefits under any pension, retirement, life insurance or other
benefit plan of the Company or the Parent, unless such other
plan specifically provides for the inclusion of such Restricted
Stock Award, payment or amount received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limits of Liability.</I>
Any liability of the Company or the Parent with respect to a
Restricted Stock Award shall be based solely upon the
contractual obligations created under the Plan and the
Restricted Stock Award Agreement. Neither the Company, the
Parent nor any member of the Committee shall have any liability
to any party for any action taken or not taken, in good faith,
in connection with or under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law.</I> Except
as otherwise provided herein, the Plan shall be construed in
accordance with the laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Severability of
Provisions.</I> If any provision of the Plan is held invalid or
unenforceable, such invalidity or unenforceability shall not
affect any other provision of the Plan, and the Plan shall be
construed and enforced as if such invalid or unenforceable
provision had not been included in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Headings.</I> Headings
used throughout the Plan are for convenience only and shall not
be given legal significance.
</DIV>

<P align="center" style="font-size: 10pt;">B-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>EXHIBIT A</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER &#38; CO. INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EMPLOYEE SHARE PLAN</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>BONUS DEFERRAL ELECTION</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TO:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Oppenheimer &#38; Co. Inc. (the &#147;Corporation&#148;)<BR>
    Attention: Secretary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    FROM:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [Print Name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I hereby elect to have
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%
of my Bonus, if any, otherwise payable to me for my services
rendered during 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, to be
utilized under the Oppenheimer &#38; Co. Inc. Employee Share
Plan (the &#147;Plan&#148;) to purchase Class&nbsp;A Shares of
the Parent, all pursuant to the provisions of Article&nbsp;VIII
of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I understand that, once made, this Election shall be irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Effective Date of this Election is:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(to be completed by the Secretary; this will be the first
January&nbsp;7 following the date of this Election).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I understand that all capitalized terms and phrases used herein
shall have the same meanings as ascribed to them under the Plan.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Signed:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accepted by:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Secretary,<BR>
    on behalf of the Corporation,<BR>
    certifying that this Election of Bonus<BR>
    Deferral is complete</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">B-8
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>EXHIBIT B</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER &#38; CO. INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EMPLOYEE SHARE PLAN</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>BENEFICIARY DESIGNATION</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TO:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Oppenheimer &#38; Co. Inc. (the &#147;Corporation&#148;)<BR>
    Attention: Secretary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    FROM:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [Print Name]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I hereby designate the following as my beneficiary or
beneficiaries under the Oppenheimer &#38; Co. Inc. Employee
Share Plan (the &#147;Plan&#148;) to receive, in the event of my
death, my Plan benefit, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your <I>Primary Designated Beneficiary</I> is the follow person
who would receive your benefit if you should die.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your <I>Surviving Designated Beneficiary</I> is the person who
will receive your benefit if your Primary Designated Beneficiary
dies before you. If you wish to name more than one Primary
Designated Beneficiary, you must note whether the surviving
Primary Designated Beneficiaries will be entitled to your
benefit if one of your Primary Designated Beneficiaries die. If
not, that Designated Beneficiary&#146;s percentage will be paid
to your Surviving Designated Beneficiary. If you wish to have
your benefit distributed to your other Primary Designated
Beneficiaries, note &#147;or to the survivor&#148; after each
person&#146;s name.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap>Primary Designated Beneficiary</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>Percent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap>Relationship</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap>Social Security #</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap>(include address if not same as yours)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    %</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    %</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap>Primary Designated Beneficiary</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>Percent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap>Relationship</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap>Social Security #</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap>(include address if not same as yours)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    %</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    %</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I understand that all capitalized terms and phrases used herein
shall have the same meanings as ascribed to them under the Plan.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Signed:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accepted by:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Dated:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Secretary,<BR>
    on behalf of the Corporation,<BR>
    certifying that this Designation<BR>
    of Beneficiary Election is<BR>
    complete</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">B-9
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE C</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ONTARIO CORPORATION NO. 226839</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>APPLICATION FOR AUTHORIZATION TO CONTINUE IN ANOTHER
JURISDICTION</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    The name of the Corporation is:</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    Date of incorporation/amalgamation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;16, 1933.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    The corporation is offering securities to the public within the
    meaning of subsection 1(6) of the <I>Business Corporations
    Act</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    The corporation is not in default in filing notices under the
    <I>Corporations Information Act</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>5.</TD>
    <TD align="left">
    There are no actions, suits or proceedings pending against the
    corporation and no unsatisfied judgements or orders outstanding
    against the corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>6.</TD>
    <TD align="left">
    It is requested that the corporation be authorized under section
    181 of the <I>Business Corporations Act </I>to apply to the
    proper officer for an instrument of continuance continuing the
    corporation as if it had been incorporated under the laws of
    Canada.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>7.</TD>
    <TD align="left">
    The laws of the jurisdiction to which the corporation will apply
    for an instrument of continuance provide in effect that:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    The property of the corporation continues to be the property of
    the body corporate;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    The body corporate continues to be liable for the obligations of
    the corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    An existing cause of action, claim or liability to prosecution
    is unaffected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    A civil, criminal, or administrative action or proceeding
    pending by or against the corporation may be continued to be
    prosecuted by or against the body corporate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    A conviction against the corporation may be enforced against the
    body corporate or a ruling, order of judgement in favour of or
    against the corporation may be enforced by or against the body
    corporate.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>8.</TD>
    <TD align="left">
    This application has been authorized by a special resolution:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>9.</TD>
    <TD align="left">
    This application is accompanied by the consent of:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    The Corporations Tax Branch of the Ministry of Revenue and</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    The Ontario Securities Commission.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This application is signed in duplicate.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR>
    <TD style="font-size: 48pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 3pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-size: 10pt">By:&nbsp;<DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name:</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">C-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="79%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Industry Canada</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B>Form&nbsp;11</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Canada Business</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B>Articles&nbsp;of&nbsp;Continuance</B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Corporations Act</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B>(Section&nbsp;187)</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    Name of Corporation</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    The province or territory in Canada where the registered office
    is to be situated</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    ONTARIO</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    The classes and any maximum number of shares that the
    corporation is authorized to issue</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    See attached Schedule&nbsp;A</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    Restrictions, if any on share transfers</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    none</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>5.</TD>
    <TD align="left">
    Number (or minimum and maximum number) of directors</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    minimum of five (5)&nbsp;and maximum of fifteen (15)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>6.</TD>
    <TD align="left">
    Restrictions, if any, on business the corporation may carry on</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    none</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>7.</TD>
    <TD align="left">
    Change of name effected, previous name</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    none</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>8.</TD>
    <TD align="left">
    Details of incorporation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    Incorporated on November&nbsp;16, 1933 under the laws of British
    Columbia; and Continued on October&nbsp;12, 1977 under the laws
    of Ontario</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>9.</TD>
    <TD align="left">
    Other provisions, if any</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See attached Schedule&nbsp;B
</DIV>

<P align="center" style="font-size: 10pt;">C-2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>SCHEDULE A</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>to Articles of Continuance of Oppenheimer Holdings Inc.</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    The classes and any maximum number of shares that the
    corporation is authorized to issue:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    An unlimited number of First Preference Shares, issuable in
    series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    An unlimited number of Class&nbsp;A non-voting shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    99,680 Class&nbsp;B voting shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The rights, privileges, restrictions and conditions attaching to
each class of shares are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;First Preference Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The First Preference Shares shall, as a class, have attached
thereto the following rights, privileges, restrictions and
conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Directors&#146;
Right to Issue in One or More Series</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The First Preference Shares may at any time and from time to
time be issued in one or more series, each series to consist of
such number of shares as may, before the issue thereof, be fixed
by resolution of the board of directors of the Corporation. The
board of directors of the Corporation shall (subject as
hereinafter provided) by resolution duly passed before the issue
of any First Preference Shares of any series, determine the
designation of and the rights, privileges, restrictions and
conditions to be attached to the First Preference Shares of any
such series, including, but without in any way limiting or
restricting the generality of the foregoing, the rate or amount
of dividends or the method of calculating dividends whether
cumulative, non cumulative or partially cumulative, the date or
dates and place or places of payment thereof, coversion rights
(if any), the consideration and the terms and conditions of any
redemption, including any sinking fund provisions, or purchase
by the Corporation thereof, and the restrictions (if any)
respecting payment of dividends on or the return of capital in
respect of any shares ranking junior to the First Preference
Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Ranking
of First Preference Shares</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The First Preference Shares of each series shall rank on a
parity with the First Preference Shares of every other series,
and shall be entitled to a preference over the Class&nbsp;A
non-voting shares and the Class&nbsp;B voting shares of the
Corporation and over any other shares ranking junior to the
First Preference Shares with respect to priority in payment of
dividends and the distribution of assets or return of capital in
the event of the liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, or any other
distribution of the assets or return of capital of the
Corporation among its shareholders for the purpose of winding up
its affairs, and the First Preference Shares of each series may
also be given such other preferences not inconsistent with the
provisions of these articles over the Class&nbsp;A non-voting
shares and the Class&nbsp;B voting shares of the Corporation and
any other shares ranking junior to the First Preference Shares
as may be determined in the case of each series authorized to be
issued. When any cumulative dividends or amounts payable on a
return of capital in respect of a series of First Preference
Shares are not paid in full, the First Preference Shares of all
series shall participate rateably in respect of such dividends,
including accumulations, if any, in accordance with the sums
that would be payable on such shares if all such dividends were
declared and paid in full, and on any return of capital in
accordance with the sums that would be payable on such return of
capital if all sums so payable were paid in full;
<I>provided</I>, <I>however</I>, that in the event of there
being insufficient assets to satisfy in full all such claims as
aforesaid, the claims of the holders of such shares with respect
to return of capital shall first be paid and satisfied and any
assets remaining thereafter shall be applied towards the payment
and satisfaction of claims in respect of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Voting
Rights</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD align="left">
    Unless the directors otherwise determine by resolution, the
    holders of shares of a series of First Preference Shares, as
    such, shall not be entitled to receive notice of or to attend or
    vote at meetings of shareholders of the Corporation except that
    holders of shares of any series of First Preference Shares shall
    be entitled to notice of meetings of shareholders called for the
    purpose of authorizing the dissolution of the Corporation or the
    sale of its undertaking or a substantial part thereof and, where</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">C-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    entitled by law, holders of First Preference Shares of all
    series shall be entitled to notice of and to vote at meetings of
    shareholders with each First Preference Share entitling the
    holder thereof to one vote per share.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD align="left">
    The holders of the First Preference Shares as a class, or, of a
    series of First Preference Shares, as such, shall not be
    entitled to vote separately as a class or series or to dissent
    under the <I>Canada Business Corporations Act </I>and any
    statute that may be substituted therefor, as from time to time
    amended (hereinafter the &#147;Act&#148;) upon a proposal to
    amend the Articles to:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="7%"></TD>
    <TD width="4%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)</TD>
    <TD align="left">
    increase or decrease any maximum number of authorized First
    Preference Shares, or increase any maximum number of authorized
    shares of a class or series having rights or privileges equal or
    superior to the First Preference Shares or any series thereof; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD align="left">
    create a new class or series of shares equal or superior to the
    First Preference Shares;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    or to dissent under the Act upon a proposal to amend the
    Articles to effect an exchange, reclassification or cancellation
    of all or part of the First Preference Shares or any series
    thereof.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.&nbsp;&nbsp;Class&nbsp;A non-voting shares and Class&nbsp;B
voting shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Ranking
of Class&nbsp;A non-voting shares and Class&nbsp;B voting
shares</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject as herein provided and to the rights, privileges,
restrictions and conditions attaching to any other class of
shares of the Corporation, the Class A non-voting shares and the
Class&nbsp;B voting shares shall rank equally with each other in
all respects including the right to receive dividends and to
receive the remaining property of the Corporation in the event
of the liquidation, dissolution or winding up of the Corporation
whether voluntary or involuntary or any other distribution of
assets of the Corporation among its shareholders for the
purposes of winding up its affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Voting&nbsp;&#151;
Class&nbsp;B voting shares</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD align="left">
    The holders of the Class&nbsp;B voting shares, as such, shall be
    entitled to vote at all meetings of shareholders, except
    meetings at which only holders of a specified class, other than
    Class&nbsp;B voting shares, or a specified series of shares are
    entitled to vote and shall be entitled to one vote for each
    Class&nbsp;B voting share held.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD align="left">
    Holders of Class&nbsp;B voting shares, as such, shall not be
    entitled to vote separately as a class or to dissent under the
    Act upon a proposal to amend the Articles to:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="7%"></TD>
    <TD width="4%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)</TD>
    <TD align="left">
    increase or decrease any maximum number of authorized
    Class&nbsp;B voting shares or increase any maximum number of
    authorized shares of a class of shares having rights or
    privileges equal or superior to the Class B voting shares; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)</TD>
    <TD align="left">
    create a new class or series of shares equal or superior to the
    Class&nbsp;B voting shares;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    or to dissent under the Act upon a proposal to amend the
    Articles to effect an exchange, reclassification, or
    cancellation of all or a part of the Class&nbsp;B voting shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Voting&nbsp;&#151;
Class&nbsp;A non-voting shares</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD align="left">
    Except where entitled by law holders of Class&nbsp;A non-voting
    shares, as such, shall not be entitled to vote at meetings of
    shareholders of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD align="left">
    Where entitled by law to vote at meetings of shareholders of the
    Corporation holders of Class&nbsp;A non-voting shares shall be
    entitled to one vote for each Class&nbsp;A non-voting share held.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">C-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>SCHEDULE B</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>to Articles of Continuance of Oppenheimer Holdings Inc.</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>9.</TD>
    <TD align="left">
    Other provisions:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    The board of directors may from time to time on behalf of the
    corporation, without authorization of the shareholders:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    borrow money on the credit of the corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    issue, reissue, sell, pledge or hypothecate bonds, debentures,
    notes or other evidences of indebtedness or guarantee of the
    corporation, whether secured or unsecured;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    give a guarantee on behalf of the corporation to secure
    performance of any present or future indebtedness, liability or
    obligation of any person; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    mortgage, hypothecate, pledge or otherwise create a security
    interest in all or any currently owned or subsequently acquired
    real or personal, movable or immovable, property of the
    corporation including book debts, rights, powers, franchises and
    undertakings, to secure any such bonds, debentures, notes or
    other evidences of indebtedness or any guarantees or any other
    present or future indebtedness, liability or obligation of the
    corporation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    The board of directors may from time to time delegate to such
    one or more of the directors and officers of the corporation as
    may be designated by the board all or any of the powers
    conferred on the board above to such extent and in such manner
    as the board shall determine at the time of such delegation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    All meetings of the Directors and Shareholders may be held in
    Canada or outside Canada.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>4.</TD>
    <TD align="left">
    The directors or the shareholders may by resolution from time to
    time determine the number of directors to be elected at an
    annual meeting, within such minimum and maximum number of
    directors. The directors or shareholders may by resolution
    passed at a meeting specially called for such purpose remove any
    director from office and the vacancy created by such removal may
    be filled at the same meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>5.</TD>
    <TD align="left">
    The directors may appoint one or more additional directors, in
    addition to the maximum number of directors provided for in the
    articles, who shall hold office for a term expiring not later
    than the close of the next annual meeting of shareholders, but
    the total number of directors so appointed may not exceed one
    third of the number of directors elected at the previous annual
    meeting of shareholders.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">C-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE D</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>BY-LAW NO. 1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
A by-law relating generally to the transaction of the business
and affairs of
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER HOLDINGS INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Part</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    I</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Interpretation</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    II</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Business of the Corporation</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    III</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Borrowing and Securities</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    IV</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Directors</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    V</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Committees</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    VI</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Officers</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    VII</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Protection of Directors, Officers and Others</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    VIII</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Shares</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    IX</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Dividends and Rights</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    X</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Meetings of Shareholders</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    XI</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Notices</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    XII</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Documents in Electronic Form</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    XIII</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Effective Date</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BE IT ENACTED as a by-law of <B>Oppenheimer Holdings Inc.
</B>(hereinafter referred to as the &#147;Corporation&#148;) as
follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART I</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>INTERPRETATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</B> In the
by-laws of the Corporation, unless the context otherwise
requires:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;Act&#148; means the <I>Canada Business Corporations
    Act</I>, and any statute that may be substituted therefor, as
    from time to time amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;appoint&#148; includes &#147;elect&#148; and vice versa;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;articles&#148; means the articles of incorporation of the
    Corporation as from time to time amended or restated;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;board&#148; means the board of directors of the
    Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;by-laws&#148; means this by-law and all other by-laws of
    the Corporation from time to time in force and effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;meeting of shareholders&#148; includes an annual meeting
    of shareholders and a special meeting of shareholders;
    &#147;special meeting of shareholders&#148; includes a meeting
    of any class or classes of shareholders and a special meeting of
    all shareholders entitled to vote at an annual meeting of
    shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;non-business day&#148; means Saturday, Sunday and any
    other day that is a holiday as defined in the <I>Interpretation
    Act </I>(Canada);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;recorded address&#148; means in the case of a shareholder,
    that person&#146;s address as recorded in the securities
    register; and in the case of joint shareholders the address
    appearing in the securities register in respect of such joint
    holding or the first address so appearing if there are more than
    one; and in the case of a director, officer, auditor or member
    of a committee of the board, that individual&#146;s latest
    address as recorded in the records of the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;regulations&#148; means the regulations enacted pursuant
    to the Act, as from time to time amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;signing officer&#148; means, in relation to any
    instrument, any person authorized to sign the same on behalf of
    the Corporation by section 2.03 or by a resolution passed
    pursuant thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;unanimous shareholder agreement&#148; means a written
    agreement among all the shareholders of the Corporation, or
    among all such shareholders and one or more persons who are not
    shareholders, or a written</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">D-1
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    declaration of the beneficial owner of all of the issued shares
    of the Corporation, that restricts, in whole or in part, the
    powers of the directors to manage the business and affairs of
    the Corporation, as from time to time amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    save as aforesaid, words and expressions defined in the Act have
    the same meanings when used herein; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    words importing the singular number include the plural and vice
    versa; and words importing persons include individuals, bodies
    corporate, partnerships, trusts and unincorporated organizations.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART II</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>BUSINESS OF THE CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Seal.</B> The
Corporation may have one or more different corporate seals which
may be adopted or changed from time to time by the board, on
which the name of the Corporation appears in the language or one
or more of the languages set out in the articles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Year.</B> The
financial year of the Corporation shall end on December&nbsp;31
or such other day in each year as the board may from time to
time by resolution determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution of
Instruments.</B> Deeds, transfers, assignments, contracts,
obligations, certificates and other instruments may be signed on
behalf of the Corporation by any two of the directors or
officers. In addition, the board may from time to time direct
the manner in which and the person or persons by whom any
particular instrument or class of instruments may or shall be
signed. Any signing officer may affix the corporate seal (if
any) to any instrument. Any signing officer may certify a copy
of any instrument, resolution, by-law or other document of the
Corporation to be a true copy thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution in
Counterpart.</B> Any articles, notice, resolution, requisition,
statement or other document required or permitted to be executed
in several documents of like form each of which is executed by
all persons required or permitted, as the case may be, to do so,
shall be deemed to constitute one document and to bear date as
of the date of execution thereof by the last person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking Arrangements.</B>
The banking business of the Corporation including, without
limitation, the borrowing of money and the giving of security
therefor, shall be transacted with such banks, trust companies
or other bodies corporate or organizations as may from time to
time be designated by or under the authority of the board. Such
banking business or any part thereof shall be transacted under
such agreements, instructions and delegations of powers as the
board may from time to time prescribe or authorize.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights in Other
Bodies Corporate.</B> The signing officers of the Corporation
may execute and deliver proxies and arrange for the issuance of
voting certificates or other evidence of the right to exercise
the voting rights attaching to any securities held by the
Corporation. Such proxies, certificates or other evidence shall
be in favour of such person or persons as may be determined by
the officers signing or arranging for them. In addition, the
board may from time to time direct the manner in which and the
person or persons by whom any particular voting rights or class
of voting rights may or shall be exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding Information
from Shareholders.</B> No shareholder shall be entitled to
discovery of any information respecting any details or conduct
of the Corporation&#146;s business which, in the opinion of the
board, it would be inexpedient in the interests of the
shareholders or the Corporation to communicate to the public.
The board may from time to time determine whether and to what
extent and at what time and place and under what conditions or
regulations the accounts, records and documents of the
Corporation or any of them shall be open to the inspection of
shareholders and no shareholder shall have any right of
inspecting any account, record or document of the Corporation
except as conferred by the Act or authorized by the board or by
resolution passed at a meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation and Consolidation
of Divisions.</B> The board may cause the business and
operations of the Corporation or any part thereof to be divided
or to be segregated into one or more divisions upon such basis,
including without limitation, character or type of operation,
geographical territory, product manufactured or service
rendered, as the board may consider appropriate in each case.
The board may also cause the business and operations of any such
division to be further divided into sub-units and the business
and operations of any such divisions or sub-units to be
consolidated upon such basis as the board may consider
appropriate in each case.
</DIV>

<P align="center" style="font-size: 10pt;">D-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Division.</B>
Subject to compliance with law, any division or its sub-units
may be designated by such name as the board may from time to
time determine and may transact business under such name,
provided that the Corporation shall set out its corporate name
in legible characters in all contracts, invoices, negotiable
instruments and orders for goods or services issued or made by
or on behalf of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers of Division.</B>
From time to time the board or, if authorized by the board, the
chief executive officer, may appoint one or more officers for
any division, prescribe their powers and duties and settle their
terms of employment and remuneration. The board or, if
authorized by the board, the chief executive officer, may remove
at its or that individual&#146;s pleasure any officer so
appointed, without prejudice to such officer&#146;s rights under
any employment contract. Officers of divisions or their
sub-units shall not, as such, be officers of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART III</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>BORROWING AND SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing Power.</B>
Without limiting the borrowing powers of the Corporation as set
forth in the Act, but subject to the articles and any unanimous
shareholder agreement, the board may from time to time on behalf
of the Corporation, without authorization of the shareholders:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    borrow money on the credit of the Corporation;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    issue, reissue, sell, pledge or hypothecate bonds, debentures,
    notes or other evidences of indebtedness or guarantee of the
    Corporation, whether secured or unsecured;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    give a guarantee on behalf of the Corporation to secure
    performance of any present or future indebtedness, liability or
    obligation of any person; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    mortgage, hypothecate, pledge or otherwise create a security
    interest in all or any currently owned or subsequently acquired
    real or personal, movable or immovable, property of the
    Corporation including book debts, rights, powers, franchises and
    undertakings, to secure any such bonds, debentures, notes or
    other evidences of indebtedness or guarantee or any other
    present or future indebtedness, liability or obligation of the
    Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    Nothing in this section limits or restricts the borrowing of
    money by the Corporation on bills of exchange or promissory
    notes made, drawn, accepted or endorsed by or on behalf of the
    Corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation.</B> The board
may from time to time delegate to a committee of the board, a
director or an officer of the Corporation or any other person as
may be designated by the board all or any of the powers
conferred on the board by section 3.01 or by the Act to such
extent and in such manner as the board may determine at the time
of each such delegation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART IV</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Directors and
Quorum.</B> Until changed in accordance with the Act, the board
shall consist of not less than the minimum and not more than the
maximum number of directors provided for in the articles. The
directors or the shareholders may by resolution from time to
time determine the number of directors to be elected at an
annual meeting, within such minimum and maximum. Subject to
section 4.08, the quorum for the transaction of business at any
meeting of the board shall consist of a majority of the minimum
number of directors provided for in the articles or such greater
number of directors as the board may from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualification.</B> Unless
otherwise provided by the Act, at least twenty-five per cent of
the directors shall be resident Canadians. However, if at any
time there are less than four directors, at least one director
must be a resident Canadian. No person shall be qualified for
election as a director if such person: (a)&nbsp;is less than
18&nbsp;years of age; (b)&nbsp;is of unsound mind and has been
so found by a court in Canada or elsewhere; (c)&nbsp;is not an
individual; or (d) has the status of a bankrupt. A director need
not be a shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election and Term.</B> The
election of directors shall take place at the first meeting of
shareholders and at each annual meeting of shareholders and all
the directors then in office shall retire but, if qualified,
shall be eligible for re-election. The number of directors to be
elected at any such meeting shall be the number of
</DIV>

<P align="center" style="font-size: 10pt;">D-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
directors then in office unless the directors or the
shareholders otherwise determine. The election shall be by
resolution. If an election of directors is not held at the
proper time, the incumbent directors shall continue in office
until their successors are elected. Where the shareholders adopt
an amendment to the articles to increase the number or minimum
number of directors, the shareholders may, at the meeting at
which they adopt the amendment, elect the additional number of
directors thereby authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal of Directors.</B>
Subject to the provisions of the Act, the shareholders may by
resolution passed at a meeting specially called for such purpose
remove any director from office and the vacancy created by such
removal may be filled at the same meeting failing which it may
be filled by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation of Office.</B> A
director ceases to hold office when such director dies, is
removed from office by the shareholders acting pursuant to the
Act, or ceases to be qualified for election as a director, or
earlier if such director shall have submitted a written
resignation to the Corporation; in which last-mentioned event
such director shall cease to hold office at the later of
(i)&nbsp;the time when such written resignation is sent or
delivered to the Corporation and (ii)&nbsp;the time, if any,
specified in such written resignation as the effective time of
such resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacancies.</B> Subject to
the Act, a quorum of the board may fill a vacancy in the board,
except a vacancy resulting from an increase in the minimum or
maximum number of directors or from a failure of the
shareholders to elect the minimum number of directors. In the
absence of a quorum of the board, or if the vacancy has arisen
from a failure of the shareholders to elect the minimum number
of directors, the board shall forthwith call a special meeting
of shareholders to fill the vacancy. If the board fails to call
such meeting or if there are no directors then in office, any
shareholder may call the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action by the Board.</B>
Subject to any unanimous shareholder agreement, the board shall
manage, or supervise the management of, the business and affairs
of the Corporation. Subject to sections 4.08 and 4.09, the
powers of the board may be exercised by a meeting at which the
quorum is present or by resolution in writing signed by all the
directors entitled to vote on that resolution at a meeting of
the board. Where there is a vacancy in the board, the remaining
directors may exercise all the powers of the board so long as a
quorum remains in office. Where the Corporation has only one
director, that director may constitute a meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Directors Present
at Meeting.</B> Unless otherwise provided by the Act, the board
shall not transact business at a meeting, other than filling a
vacancy in the board, unless at least twenty-five percent of the
directors present at the meeting are resident Canadians or, if
there are less than four directors, at least one of the
directors present is a resident Canadian, except where:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    a resident Canadian director who is unable to be present
    approves in writing or by telephonic, electronic or other
    communications facilities, the business transacted at the
    meeting; and</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    the required number of resident Canadians would have been
    present had that director been present at the meeting.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeting by Communications
Facility.</B> If all the directors of the Corporation consent, a
director may, in accordance with the regulations, participate in
a meeting of the board, or of a committee of the board, by means
of a telephonic, electronic or other communications facility
that permits all participants to communicate adequately with
each other during the meeting. A director participating in such
a meeting by such means is deemed to be present at the meeting.
Any such consent shall be effective whether given before or
after the meeting to which it relates and may be given with
respect to all meetings of the board and of committees of the
board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of Meetings.</B>
Meetings of the board may be held at any place in or outside
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calling of Meetings.</B>
Meetings of the board shall be held from time to time at such
time and at such place as the board, the chairman of the board,
the managing director, the president, the vice-president or any
two directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meeting.</B>
Notice of the time and place of each meeting of the board shall
be given in the manner provided in section&nbsp;11.01 to each
director not less than 48&nbsp;hours before the time when the
meeting is to be held. A notice of a meeting of directors need
not specify the purpose of or the business to be transacted at
the
</DIV>

<P align="center" style="font-size: 10pt;">D-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
meeting except where the Act requires such purpose or business
to be specified, including, if required by the Act, any proposal
to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    submit to the shareholders any question or matter requiring
    approval of the shareholders;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    fill a vacancy among the directors or in the office of auditor,
    or appoint additional directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    issue securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    issue shares of a series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    declare dividends;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD align="left">
    purchase, redeem or otherwise acquire shares issued by the
    Corporation;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(g)</TD>
    <TD align="left">
    pay a commission for the sale of shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(h)</TD>
    <TD align="left">
    approve a management proxy circular;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD align="left">
    approve a take-over bid circular or directors&#146; circular;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(j)</TD>
    <TD align="left">
    approve any annual financial statements; or</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(k)</TD>
    <TD align="left">
    adopt, amend or repeal by-laws.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Meeting of New
Board.</B> Provided a quorum of directors is present, each newly
elected board may without notice hold its first meeting
immediately following the meeting of shareholders at which such
board is elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjourned Meeting.</B>
Notice of an adjourned meeting of the board is not required if
the time and place of the adjourned meeting is announced at the
original meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Meetings.</B> The
board may appoint a day or days in any month or months for
regular meetings of the board at a place and hour to be named. A
copy of any resolution of the board fixing the place and time of
such regular meetings shall be sent to each director forthwith
after being passed, but no other notice shall be required for
any such regular meeting except where the Act requires the
purpose thereof or the business to be transacted thereat to be
specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman.</B> The chairman
of any meeting of the board shall be the first mentioned of such
of the following officers as have been appointed and who is a
director and is present at the meeting: chairman of the board,
managing director, president, or a vice-president. If no such
officer is present, the directors present shall choose one of
their number to be chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes to Govern.</B> At all
meetings of the board every question shall be decided by a
majority of the votes cast on the question. In case of an
equality of votes the chairman of the meeting shall be entitled
to a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration of
Interest.</B> A director or officer who is a party to, or who is
a director or officer of, or has a material interest in, any
person who is a party to a material contract or material
transaction, whether made or proposed, with the Corporation,
shall disclose the nature and extent of his or her interest at
the time and in the manner provided by the Act. Any such
contract or proposed contract shall be referred to the board or
shareholders for approval even if such contract is one that in
the ordinary course of the Corporation&#146;s business would not
require approval by the board or shareholders, and a director
interested in a contract so referred to the board shall not vote
on any resolution to approve the same except as provided by the
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remuneration and
Expenses.</B> Subject to any unanimous shareholder agreement,
the directors shall be paid such remuneration for their services
as the board may from time to time determine. The directors
shall also be entitled to be reimbursed for travelling and other
expenses properly incurred by them in attending meetings of the
board or any committee thereof. Nothing herein contained shall
preclude any director from serving the Corporation in any other
capacity and receiving remuneration therefor.
</DIV>

<P align="center" style="font-size: 10pt;">D-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART V</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>COMMITTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee of Board.</B> The
board may appoint one or more committees of the board, however
designated, and delegate to any such committee any of the powers
of the board except those which, under the&nbsp;Act, a committee
of the board has no authority to exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction of
Business.</B> The powers of a committee of the board may be
exercised by a meeting at which a quorum is present or by
resolution in writing signed by all members of such committee
who would have been entitled to vote on that resolution at a
meeting of the committee. Meetings of such committee may be held
at any place in or outside of Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Bodies.</B> The
board may from time to time appoint advisory bodies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedure.</B> Unless
otherwise determined by the board, each committee and advisory
body shall have power to fix its quorum at not less than a
majority of its members, to elect its chairman and to regulate
its procedure.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART VI</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OFFICERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment.</B> Subject to
any unanimous shareholder agreement, the board may from time to
time appoint a chairman of the board, a president, one or more
vice-presidents (to which title may be added words indicating
seniority or function), a secretary, a treasurer and such other
officers as the board may determine, including one or more
assistants to any of the officers so appointed. The board may
specify the duties of and, in accordance with this by-law and
subject to the provisions of the Act, delegate to such officers
powers to manage the business and affairs of the Corporation.
Subject to sections&nbsp;6.02 and&nbsp;6.03, an officer may but
need not be a director and one person may hold more than one
office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board.</B>
If appointed, the board may assign to the chairman of the board
such powers and duties as the board may specify. During the
absence or disability of the chairman of the board, the
chairman&#146;s duties shall be performed and the
chairman&#146;s powers exercised by the managing director, if
any, or by the president.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Director.</B> The
board may from time to time also appoint a managing director. If
appointed, the managing director shall, subject to the
provisions of the&nbsp;Act, have such powers and duties as the
board may specify. During the absence or disability of the
president, or if no president has been appointed, the managing
director shall also have the powers and duties of that office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President.</B> If
appointed, the president shall have such powers and duties as
the board may specify. During the absence or disability of the
managing director, or if no managing director has been
appointed, the president shall also have the powers and duties
of that office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-President.</B> A
vice-president shall have such powers and duties as the board or
the chief executive officer may specify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary.</B> The
secretary, as and when requested to do so, shall attend and be
the secretary of all meetings of the board, shareholders and
committees of the board and shall enter or cause to be entered
in records kept for that purpose minutes of all proceedings
thereat; the secretary shall give or cause to be given, as and
when instructed, all notices to shareholders, directors,
officers, auditors and members of committees of the board; the
secretary shall be the custodian of the stamp or mechanical
device generally used for affixing the corporate seal of the
Corporation (if any) and of all books, papers, records,
documents and instruments belonging to the Corporation, except
when some other officer or agent has been appointed for that
purpose; and the secretary shall have such other powers and
duties as the board or the chief executive officer may specify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer.</B> The
treasurer shall keep proper accounting records in compliance
with the Act and shall be responsible for the deposit of money,
the safekeeping of securities and the disbursement of the funds
of the Corporation; the treasurer shall render to the board
whenever required an account of all transactions undertaken and
of the financial position of the Corporation; and the treasurer
shall have such other powers and duties as the board or the
chief executive officer may specify.
</DIV>

<P align="center" style="font-size: 10pt;">D-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers and Duties of Other
Officers.</B> The powers and duties of all other officers shall
be such as the terms of their engagement call for or as the
board or the chief executive officer may specify. Any of the
powers and duties of an officer to whom an assistant has been
appointed may be exercised and performed by such assistant,
unless the board or the chief executive officer otherwise
directs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation of Powers and
Duties.</B> The board may from time to time and subject to the
provisions of the&nbsp;Act, vary, add to or limit the powers and
duties of any officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term of Office.</B> The
board, in its discretion, may remove any officer of the
Corporation, without prejudice to such officer&#146;s rights
under any employment contract. Otherwise each officer appointed
by the board shall hold office until such officer&#146;s
successor is appointed, or until such officer&#146;s earlier
resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms of Employment and
Remuneration.</B> The terms of employment and the remuneration
of an officer appointed by the board shall be settled by it from
time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration of
Interest.</B> An officer shall disclose his or her interest in
any material contract or proposed material contract with the
Corporation in accordance with section 4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents and Attorneys.</B>
The board shall have power from time to time to appoint agents
or attorneys for the Corporation in or outside Canada with such
powers of management or otherwise (including the powers to
subdelegate) as may be thought fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity bonds.</B> The
board may require such officers, employees and agents of the
Corporation as the board deems advisable to furnish bonds for
the faithful discharge of their powers and duties, in such form
and with such surety as the board may from time to time
determine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART VII</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROTECTION OF DIRECTORS, OFFICERS AND OTHERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation of
Liability.</B> No director or officer shall be liable for the
acts, receipts, neglects or defaults of any other director or
officer or employee, or for joining in any receipt or other act
for conformity, or for any loss, damage or expense happening to
the Corporation through the insufficiency or deficiency of title
to any property acquired for or on behalf of the Corporation, or
for the insufficiency or deficiency of any security in or upon
which any of the moneys of the Corporation shall be invested, or
for any loss or damage arising from the bankruptcy, insolvency
or tortious acts of any person with whom any of the moneys,
securities or effects of the Corporation shall be deposited, or
for any loss occasioned by any error of judgment or oversight on
such individual&#146;s part, or for any other loss, damage or
misfortune whatever which shall happen in the execution of the
duties of such individual&#146;s office or in relation thereto;
provided that nothing herein shall relieve any director or
officer from the duty to act in accordance with the Act and the
regulations thereunder or from liability for any breach thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnity.</B> Subject to
the limitations contained in the Act, the Corporation shall
indemnify a director or officer, a former director or officer,
or another individual who acts or acted at the
Corporation&#146;s request as a director or officer, or an
individual acting in a similar capacity, of another entity,
against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably
incurred by the individual in respect of any civil, criminal,
administrative, investigative or other action or proceeding in
which the individual is involved because of such
individual&#146;s association with the Corporation or other
entity, if the individual:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    acted honestly and in good faith with a view to the best
    interests of the Corporation, or, as the case may be, to the
    best interests of the other entity for which the individual
    acted as director or officer or in a similar capacity at the
    request of the Corporation; and</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    in the case of a criminal or administrative action or proceeding
    that is enforced by a monetary penalty, the individual had
    reasonable grounds for believing that the individual&#146;s
    conduct was lawful.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation may advance moneys to an individual entitled to
indemnification pursuant to this section for the costs, charges
and expenses of such proceedings. The Corporation shall also
indemnify such person in such other circumstances as the Act
requires. Nothing in this by-law shall limit the right of any
person entitled to indemnity apart from the provisions of this
by-law.
</DIV>

<P align="center" style="font-size: 10pt;">D-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance.</B> The
Corporation may purchase and maintain insurance for the benefit
of any individual referred to in section&nbsp;7.02 against any
liability incurred by the individual:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    in the individual&#146;s capacity as a director or officer of
    the Corporation; or</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    in the individual&#146;s capacity as a director or officer, or
    similar capacity, of another entity, if the individual acts or
    acted in that capacity at the request of the Corporation.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART VIII</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allotment.</B> Subject to
the provisions of the Act, the articles and any unanimous
shareholder agreement, the board may from time to time allot or
grant options to purchase the whole or any part of the
authorized and unissued shares of the Corporation at such times
and to such persons and for such consideration as the board
shall determine, provided that no share shall be issued until it
is fully paid as provided by the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions.</B> The board
may from time to time authorize the Corporation to pay a
commission to any person in consideration of such person
purchasing or agreeing to purchase shares of the Corporation,
whether from the Corporation or from any other person, or
procuring or agreeing to procure purchasers for any such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration of
Transfers.</B> Subject to the provisions of the Act, no transfer
of shares shall be registered in a securities register except
upon presentation of the certificate representing such shares
with an endorsement, which complies with the&nbsp;Act, made
thereon or delivered therewith duly executed by an appropriate
person as provided by the&nbsp;Act, together with such
reasonable assurance that the endorsement is genuine and
effective as the board may from time to time prescribe, upon
payment of all applicable taxes and any fees prescribed by the
board, upon compliance with such restrictions on transfer as are
authorized by the articles and upon satisfaction of any lien
referred to in section&nbsp;8.05.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agents and
Registrars.</B> The board may from time to time appoint one or
more agents to maintain, in respect of each class of securities
of the Corporation issued by it in registered form, a central
securities register and one or more branch securities registers.
Such a person may be designated as transfer agent or registrar
according to such person&#146;s functions and one person may be
designated both registrar and transfer agent. The board may at
any time terminate such appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lien for Indebtedness.</B>
If the articles provide that the Corporation shall have a lien
on shares registered in the name of a shareholder indebted to
the Corporation, such lien may be enforced, subject to any other
provision of the articles and to any unanimous shareholder
agreement, by the sale of the shares thereby affected or by any
other action, suit, remedy or proceeding authorized or permitted
by law or by equity and, pending such enforcement, the
Corporation may refuse to register a transfer of the whole or
any part of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recognition of
Trusts.</B> Subject to the provisions of the&nbsp;Act, the
Corporation may treat the person in whose name a share is
registered in the securities register as the person exclusively
entitled to vote, to receive notices, to receive any dividend or
other payments in respect of the share and otherwise to exercise
all the rights and powers of an owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Certificates.</B>
Every holder of one or more shares of the Corporation shall be
entitled, at the shareholder&#146;s option, to a share
certificate, or to a non-transferable written certificate of
acknowledgment of such shareholder&#146;s right to obtain a
share certificate, stating the number and class or series of
shares held by such shareholder as shown on the securities
register. Such certificates shall be in such form as the board
shall from time to time approve. Any such certificate shall be
signed in accordance with section&nbsp;2.03 and need not be
under corporate seal; provided that, unless the board otherwise
determines, certificates in respect of which a transfer agent
and/or registrar has been appointed shall not be valid unless
countersigned by or on behalf of such transfer agent and/or
registrar. The signature of one of the signing officers or, in
the case of certificates which are not valid unless
countersigned by or on behalf of a transfer agent and/or
registrar, the signatures of both signing officers, may be
printed or mechanically reproduced in facsimile upon
certificates and every such facsimile signature shall for all
purposes be deemed to be the signature of the officer whose
signature it reproduces and shall be binding upon the
Corporation. A certificate executed as aforesaid shall be valid
</DIV>

<P align="center" style="font-size: 10pt;">D-8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
notwithstanding that one or both of the officers whose facsimile
signature appears thereon no longer holds office at the date of
issue of the certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Share
Certificates.</B> The board or any officer or agent designated
by the board may in its or such person&#146;s discretion direct
the issue of a new share certificate or certificate of
acknowledgment in lieu of and upon cancellation of a certificate
that has been mutilated or in substitution for a certificate
claimed to have been lost, destroyed or wrongfully taken on
payment of such fee, not exceeding the amount prescribed by
regulation for the issuing of a share certificate in respect of
a transfer, and on such terms as to indemnity, reimbursement of
expenses and evidence of loss and of title as the board may from
time to time prescribe, whether generally or in any particular
case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Shareholders.</B> If
two or more persons are registered as joint holders of any
share, the Corporation shall not be bound to issue more than one
certificate in respect thereof, and delivery of such certificate
to one of such persons shall be sufficient delivery to all of
them. Any one of such persons may give effectual receipts for
the certificate issued in respect thereof or for any dividend,
bonus, return of capital or other money payable or warrant
issuable in respect of such share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deceased Shareholders.</B>
In the event of the death of a holder, or of one of the joint
holders, of any share, the Corporation shall not be required to
make any entry in the securities register in respect thereof or
to make payment of any dividends thereon except upon production
of all such documents as may be required by law and upon
compliance with the reasonable requirements of the Corporation
and its transfer agents.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART IX</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIVIDENDS AND RIGHTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</B> Subject to
the provisions of the Act and the articles, the board may from
time to time declare dividends payable to the shareholders
according to their respective rights and interest in
the&nbsp;Corporation. Dividends may be paid in money or property
or by issuing fully paid shares of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Cheques.</B> A
dividend payable in money shall be paid by cheque drawn on the
Corporation&#146;s or the Corporation&#146;s dividend disbursing
agent bankers or one of them to the order of each registered
holder of shares of the class or series in respect of which it
has been declared and mailed by prepaid ordinary mail to such
registered holder at his or her recorded address, unless such
holder otherwise directs. In the case of joint holders the
cheque shall, unless such joint holders otherwise direct, be
made payable to the order of all of such joint holders and
mailed to them at their recorded address. The mailing of such
cheque as aforesaid, unless the same is not paid on due
presentation, shall satisfy and discharge the liability for the
dividend to the extent of the sum represented thereby plus the
amount of any tax which the Corporation is required to and does
withhold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-receipt of Cheques.</B>
In the event of non-receipt of any dividend cheque by the person
to whom it is sent as aforesaid, the Corporation shall issue to
such person a replacement cheque for a like amount on such terms
as to indemnity, reimbursement of expenses and evidence of
non-receipt and of title as the board may from time to time
prescribe, whether generally or in any particular case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Date for Dividends
and Rights.</B> The board may fix in advance a date, preceding
by not more than 60&nbsp;days, or such other period as may be
prescribed by regulation, the date for the payment of any
dividend or the date for the issue of any warrant or other
evidence of the right to subscribe for securities of the
Corporation, as a record date for the determination of the
persons entitled to receive payment of such dividend or to
exercise the right to subscribe for such securities, and notice
of any such record date shall be given not less than 7&nbsp;days
before such record date, or such other period as may be
prescribed by regulation, in the manner provided by
the&nbsp;Act. If no record date is so fixed, the record date for
the determination of the persons entitled to receive payment of
any dividend or to exercise the right to subscribe for
securities of the Corporation shall be at the close of business
on the day on which the resolution relating to such dividend or
right to subscribe is passed by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unclaimed Dividends.</B>
Any dividend unclaimed after a period of 6&nbsp;years from the
date on which the same has been declared to be payable shall be
forfeited and shall revert to the Corporation.
</DIV>

<P align="center" style="font-size: 10pt;">D-9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART X</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>MEETINGS OF SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Meetings.</B> The
annual meeting of shareholders shall be held at such time in
each year and, subject to section 10.03, at such place as the
board may from time to time determine, for the purpose of
considering the financial statements and reports required by the
Act to be placed before the annual meeting, electing directors,
appointing an auditor and transacting such other business as may
properly be brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings.</B> The
board, the chairman of the board, the managing director or the
president shall have power to call a special meeting of
shareholders at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of Meetings.</B>
Meetings of shareholders shall be held at the registered office
of the Corporation or elsewhere in the province in which the
registered office is situate or, if the board shall so
determine, at some other place in Canada or, at some place
outside Canada if such place is specified in the articles or all
the shareholders entitled to vote at the meeting so agree.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation by
Electronic Means.</B> If the Corporation chooses to make
available a telephonic, electronic or other communication
facility that permits all participants to communicate adequately
with each other during a meeting of shareholders, any person
entitled to attend such meeting may participate in the meeting
by means of such telephonic, electronic or other communication
facility in the manner provided by the Act and the regulations.
A person participating in a meeting by such means is deemed to
be present at the meeting. Notwithstanding any other provision
of this by-law, any person participating in a meeting of
shareholders pursuant this section who is entitled to vote at
that meeting may vote, in accordance with the Act and the
regulations, by means of any telephonic, electronic or other
communication facility that the Corporation has made available
for that purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeting Held by Electronic
Means.</B> Notwithstanding section 10.03, if the directors or
shareholders of the Corporation call a meeting of shareholders
pursuant to the Act, those directors or shareholders, as the
case may be, may determine that the meeting shall be held, in
accordance with the Act and the regulations, entirely by means
of a telephonic, electronic or other communication facility that
permits all participants to communicate adequately with each
other during the meeting. Notwithstanding any other provision of
this by-law, any person participating in a meeting of the
shareholders pursuant this section who is entitled to vote at
that meeting may vote, in accordance with the Act and the
regulations, by means of any telephonic, electronic or other
communication facility that the Corporation has made available
for that purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meetings.</B>
Notice of the time and place of each meeting of shareholders
shall be given in the manner provided in section 11.01 not more
than 60&nbsp;days nor less than 21&nbsp;days before the date of
the meeting, or within such other period as may be prescribed by
regulation, to each director, to the auditor and to each
shareholder who at the close of business on the record date for
notice is entered in the securities register as the holder of
one or more shares carrying the right to vote at the meeting.
Notice of a meeting of shareholders called for any purpose other
than consideration of the financial statements and
auditor&#146;s report, election of directors and reappointment
of the incumbent auditor shall state the nature of such business
in sufficient detail to permit the shareholder to form a
reasoned judgment thereon and shall state the text of any
special resolution to be submitted to the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Shareholders
Entitled to Notice.</B> For every meeting of shareholders, the
Corporation shall prepare or cause to be prepared within the
time specified by the Act a list of shareholders entitled to
receive notice of the meeting, arranged in alphabetical order
and showing the number of shares held by each shareholder. If a
record date for notice of the meeting is fixed pursuant to
section 10.09, the shareholders listed shall be those registered
at the close of business on such record date. If no record date
for notice is so fixed, the shareholders listed shall be those
registered (a)&nbsp;at the close of business on the day
immediately preceding the day on which notice of the meeting is
given, or (b)&nbsp;on the day on which the meeting is held where
no such notice is given. The list shall be available for
examination by any shareholder during usual business hours at
the registered office of the Corporation or at the place where
the central securities register is maintained and at the meeting
for which the list was prepared.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List of Shareholders
Entitled to Vote.</B> For every meeting of shareholders, the
Corporation shall prepare or cause to be prepared within the
time specified by the Act a list of shareholders entitled to
vote at the meeting,
</DIV>

<P align="center" style="font-size: 10pt;">D-10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
arranged in alphabetical order and showing the number of shares
which each such shareholder is entitled to vote at the meeting.
If a record date for voting is fixed pursuant to section 10.10,
the shareholders listed shall be those registered at the close
of business on such record date. If no record date for voting is
so fixed, the shareholders listed shall be those registered at
the close of business on the record date for notice fixed
pursuant to section 10.09. If no record date for voting is fixed
pursuant to section 10.10 and no record date for notice is fixed
pursuant to section 10.09, the shareholders listed shall be
those registered (a)&nbsp;at the close of business on the day
immediately preceding the day on which notice of the meeting is
given, or (b)&nbsp;on the day on which the meeting is held where
no such notice is given. The list shall be available for
examination by any shareholder during usual business hours at
the registered office of the Corporation or at the place where
the central securities register is maintained and at the meeting
for which the list was prepared.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Date for
Notice.</B> The board may fix in advance a date, preceding the
date of any meeting of shareholders by not more than
60&nbsp;days and not less than 21&nbsp;days, or such other
period as may be prescribed by regulation, as a record date for
the determination of the shareholders entitled to notice of the
meeting, and notice of any such record date shall be given not
less than 7&nbsp;days before such record date, or such other
period as may be prescribed by regulation, by newspaper
advertisement in the manner provided in the Act. If no record
date for notice is so fixed, the record date for the
determination of the shareholders entitled to notice of the
meeting shall be (a)&nbsp;at the close of business on the day
immediately preceding the day on which notice of the meeting is
given, or (b)&nbsp;on the day on which the meeting is held where
no such notice is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Date for
Voting.</B> The board may fix in advance a date, preceding the
date of any meeting of shareholders by not more than
60&nbsp;days and not less than 21&nbsp;days, or such other
period as may be prescribed by regulation, as a record date for
the determination of the shareholders entitled to vote at the
meeting, and notice of any such record date shall be given not
less than 7&nbsp;days before such record date, or such other
period as may be prescribed by regulation, by newspaper
advertisement in the manner provided in the Act. If no record
date for voting is so fixed, the record date for the
determination of the shareholders entitled to vote at the
meeting shall be at the close of business on the record date for
notice fixed pursuant to section 10.09. If no record date for
voting is fixed pursuant to this section and no record date for
notice is fixed pursuant to section 10.09, the record date for
the determination of the shareholders entitled to vote at the
meeting shall be (a) at the close of business on the day
immediately preceding the day on which notice of the meeting is
given, or (b)&nbsp;on the day on which the meeting is held where
no such notice is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings without
Notice.</B> A meeting of shareholders may be held at any time
and place permitted by the Act or the articles or the by-laws
without notice or on shorter notice than that provided for
herein, and proceedings thereat shall not be invalidated
(a)&nbsp;if all the shareholders entitled to vote thereat are
present in person or represented or if those not so present or
represented have received notice, or before or after the meeting
or the time prescribed for the notice thereof, in writing waive
notice of or accept short notice of such meeting, and
(b)&nbsp;if the auditors and the directors are present or if
those not present have received notice or, before or after the
meeting or the time prescribed for notice thereof, in writing
waive notice of or accept short notice of such meeting. If the
meeting is held at a place outside Canada, shareholders not
present or represented, but who have waived notice of or
accepted short notice of such meeting, shall also be deemed to
have consented to the meeting being held at such place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, Secretary and
Scrutineers.</B> The chairman of any meeting of shareholders
shall be the first mentioned of such of the following officers
as have been appointed who is present at the meeting: president,
managing director, chairman of the board, or a vice-president
who is a director. If no such officer is present within 15
minutes from the time fixed for holding the meeting, the persons
present and entitled to vote shall choose one of their number to
be chairman. If the secretary of the Corporation is absent, the
chairman shall appoint some person, who need not be a
shareholder, to act as secretary of the meeting. If desired, one
or more scrutineers, who need not be shareholders, may be
appointed by a resolution or by the chairman with the consent of
the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons Entitled to
Attend.</B> The only persons entitled to attend a meeting of
shareholders shall be those entitled to vote thereat, the
chairman of the board (if any), the president, the directors and
auditor of the Corporation and others who, although not entitled
to vote, are entitled or required under any provision of the Act
or the articles or by-laws to attend the meeting. Any other
person may be admitted only on the invitation of the chairman of
the meeting or with the consent of the meeting.
</DIV>

<P align="center" style="font-size: 10pt;">D-11

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum.</B> Subject to the
provisions of the Act, a quorum for the transaction of business
at any meeting of shareholders shall be two person present in
person being a shareholder entitled to vote thereat or a duly
appointed representative or proxyholder for an absent
shareholder so entitled, and holding or representing in the
aggregate not less than a majority of the outstanding shares of
the Corporation entitled to vote at the meeting. If a quorum is
present at the opening of any meeting of shareholders, the
shareholders present or represented may proceed with the
business of the meeting notwithstanding that a quorum is not
present throughout the meeting. If a quorum is not present at
the opening of any meeting of shareholders, the shareholders
present or represented may adjourn the meeting to a fixed time
and place but may not transact any other business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right to Vote.</B> Subject
to the provisions of the Act as to authorized representatives of
any other body corporate or association and restrictions on
intermediary voting, for any meeting of shareholders every
person who is named in the list of shareholders entitled to vote
prepared for purposes of such meeting, shall be entitled to vote
the shares shown opposite such person&#146;s name. For any
meeting of shareholders where a list of shareholders entitled to
vote has not been prepared for purposes of such meeting, the
names of the persons appearing in the securities register at the
close of business on the record date for voting as the holders
of one or more shares carrying the right to vote at such
meeting, shall be deemed to be the list of shareholders entitled
to vote for purposes of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxyholders and
Representatives.</B> Every shareholder entitled to vote at a
meeting of shareholders may appoint a proxyholder, or one or
more alternate proxyholders, who need not be shareholders, to
attend and act at the meeting in the manner and to the extent
authorized and with the authority conferred by the proxy. A
proxy shall be in writing executed by the shareholder or such
shareholder&#146;s attorney and shall conform with the
requirements of the Act. Every such shareholder which is a body
corporate or association may by resolution of its directors or
governing body authorize an individual who need not be a
shareholder to represent it at a meeting of shareholders and
such individual may exercise on the shareholder&#146;s behalf
all the powers it could exercise if it were an individual
shareholder. The authority of such an individual shall be
established by depositing with the Corporation a certified copy
of such resolution, or in such other manner as may be
satisfactory to the secretary of the Corporation or the chairman
of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time for Deposit of
Proxies.</B> The board may specify in a notice calling a meeting
of shareholders a time, preceding the time of such meeting by
not more than 48 hours exclusive of non-business days, before
which time proxies to be used at such meeting must be deposited.
A proxy shall be acted upon only if, prior to the time so
specified, it shall have been deposited with the Corporation or
an agent thereof specified in such notice or, if no such time is
specified in such notice, if it has been received by the
secretary of the Corporation or by the chairman of the meeting
or any adjournment thereof prior to the time of voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Shareholders.</B> If
two or more persons hold shares jointly, any one of them present
in person or represented at a meeting of shareholders may, in
the absence of the other or others, vote the shares; but if two
or more of those persons are present in person or represented
and vote, they shall vote as one the shares jointly held by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes to Govern.</B> At
any meeting of shareholders every question shall, unless
otherwise required by the articles or by-laws or by law, be
determined by a majority of the votes cast on the question. In
case of an equality of votes either upon a show of hands, upon a
ballot or upon results of electronic voting, the chairman of the
meeting shall be entitled to a casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Show of Hands.</B> Subject
to the provisions of the Act any question at a meeting of
shareholders shall be decided by a show of hands unless a ballot
thereon is required or demanded as hereinafter provided. Upon a
show of hands every person who is present and entitled to vote
shall have one vote. Whenever a vote by show of hands shall have
been taken upon a question, unless a ballot thereon is so
required or demanded, a declaration by the chairman of the
meeting that the vote upon the question has been carried or
carried by a particular majority or not carried and an entry to
that effect in the minutes of the meeting shall be prima facie
evidence of the fact without proof of the number or proportion
of the votes recorded in favour of or against any resolution or
other proceeding in respect of the said question, and the result
of the vote so taken shall be the decision of the shareholders
upon the said question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballots.</B> On any
question proposed for consideration at a meeting of
shareholders, and whether or not a show of hands has been taken
thereon, the chairman may require a ballot or any person present
and entitled to
</DIV>

<P align="center" style="font-size: 10pt;">D-12

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
vote on such question at the meeting may demand a ballot. A
ballot so required or demanded shall be taken in such manner as
the chairman shall direct. A requirement or demand for a ballot
may be withdrawn at any time prior to the taking of the ballot.
If a ballot is taken each person present shall be entitled, in
respect of the shares which he or she is entitled to vote at the
meeting upon the question, to that number of votes provided by
the Act or the articles, and the result of the ballot so taken
shall be the decision of the shareholders upon the said question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Voting.</B> If
the Corporation chooses to make available a telephonic,
electronic or other communication facility, in accordance with
the Act and the regulations, that permits shareholders to vote
by means of such facility then, notwithstanding any other
provision of this by-law, any vote may be held, in accordance
with the Act and the regulations, entirely by means of such
facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjournment.</B> If a
meeting of shareholders is adjourned for less than 30 days, it
shall not be necessary to give notice of the adjourned meeting,
other than by announcement at the earliest meeting that is
adjourned. If a meeting of shareholders is adjourned by one or
more adjournments for an aggregate of 30 days or more, notice of
the adjourned meeting shall be given as for an original meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolution in Writing.</B>
A resolution in writing signed by all the shareholders entitled
to vote on that resolution at a meeting of shareholders is as
valid as if it had been passed at a meeting of the shareholders
unless a written statement with respect to the subject matter of
the resolution is submitted by a director or the auditors in
accordance with the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only One Shareholder.</B>
Where the Corporation has only one shareholder or only one
holder of any class or series of shares, the shareholder present
in person or by proxy constitutes a meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART XI</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>NOTICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Method of Giving
Notices.</B> Any notice (which term includes any communication
or document) to be given (which term includes sent, delivered or
served) pursuant to the Act, the regulations, the articles, the
by-laws or otherwise to a shareholder, director, officer,
auditor or member of a committee of the board shall be
sufficiently given if delivered personally to the person to whom
it is to be given or if delivered to such person&#146;s recorded
address or if mailed to such person at such person&#146;s
recorded address by prepaid ordinary or air mail or if sent to
such person at his or her recorded address by facsimile or if
provided in the form of an electronic document in accordance
with section 12.01. A notice so delivered shall be deemed to
have been given when it is delivered personally or to the
recorded address as aforesaid; a notice so mailed shall be
deemed to have been given when deposited in a post office or
public letter box; a notice so sent by facsimile shall be deemed
to have been given when transmitted; and a notice provided in
the form of an electronic document shall be deemed to have been
given at the time determined in accordance with section 12.01.
The secretary may change or cause to be changed the recorded
address of any shareholder, director, officer, auditor or member
of a committee of the board in accordance with any information
believed by the secretary to be reliable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Joint
Shareholders.</B> If two or more persons are registered as joint
holders of any share, any notice shall be addressed to all of
such joint holders but notice to one of such persons shall be
sufficient notice to all of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computation of Time.</B>
In computing the date when notice must be given under any
provision requiring a specified number of days&#146; notice of
any meeting or other event, the date of giving the notice shall
be excluded and the date of the meeting or other event shall be
included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undelivered Notices.</B>
If any notice given to a shareholder pursuant to section 11.01
is returned on two consecutive occasions because such
shareholder cannot be found, the Corporation shall not be
required to give any further notices to such shareholder until
such shareholder informs the Corporation in writing of his or
her new address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omissions and Errors.</B>
The accidental omission to give any notice to any shareholder,
director, officer, auditor or member of a committee of the board
or the non-receipt of any notice by any such person or any error
in any notice not affecting the substance thereof shall not
invalidate any action taken at any meeting held pursuant to such
notice or otherwise founded thereon.
</DIV>

<P align="center" style="font-size: 10pt;">D-13

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons Entitled by Death
or Operation of Law.</B> Every person who, by operation of law,
transfer, death of a shareholder or any other means whatsoever,
shall become entitled to any share, shall be bound by every
notice in respect of such share which shall have been duly given
to the shareholder from whom such person derives title to such
share prior to such person&#146;s name and address being entered
on the securities register (whether such notice was given before
or after the happening of the event upon which such person
became so entitled) and prior to such person furnishing to the
Corporation the proof of authority or evidence of entitlement
prescribed by the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>11.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice.</B> Any
shareholder, proxyholder, other person entitled to attend a
meeting of shareholders, director, officer, auditor or member of
a committee of the board may at any time waive any notice, or
waive or abridge the time for any notice, required to be given
to such person under any provision of the Act, the regulations
thereunder, the articles, the by-laws or otherwise and such
waiver or abridgement, whether given before or after the meeting
or other event of which notice is required to be given, shall
cure any default in the giving or in the time of such notice, as
the case may be. Any such waiver or abridgement shall be in
writing except a waiver of notice of a meeting of shareholders
or of the board or of a committee of the board which may be
given in any manner.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART XII</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>DOCUMENTS IN ELECTRONIC FORM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>12.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents in Electronic
Form.</B> Subject to any additional conditions set out in
section 12.02 below, a requirement under the Act, the
regulations or these by-laws to provide a person with a notice,
document or other information may be satisfied by the provision
of an electronic document, provided that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    the addressee has consented, in the manner prescribed by
    regulation, if any, and has designated an information system for
    the receipt of electronic documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    the electronic document is provided to the designated
    information system, unless otherwise prescribed by regulation;
    and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    any other requirements of the regulations have been complied
    with.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An addressee may revoke the consent referred to in subsection
12.01 (a)&nbsp;above. Nothing in this Part XII shall require a
person to create or otherwise provide an electronic document.
Except where a notice, document or other information must be
sent to a specific place (such as a registered address), an
electronic document need not be sent to the designated
information system if (i)&nbsp;the document is posted on or made
available through a generally accessible electronic source, such
as a web site; and (ii)&nbsp;the addressee is provided with
notice in writing of the availability and location of that
electronic document. An electronic document shall be considered
to have been received when it enters the information system
designated by the addressee or if the document is posted on or
made available through a generally accessible electronic source,
when it is accessed by the addressee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>12.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where Documents to be
Created in Writing.</B> Where the Act or regulations expressly
require that a notice, document or other information be created
in writing, such requirement shall be satisfied by the creation
of an electronic document provided that, in addition to the
conditions set out in section 12.01 above:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    the information in the electronic document is accessible so as
    to be usable for subsequent reference; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    any other requirements of the regulations have been complied
    with.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>12.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where Documents to be
Provided in Writing.</B> Where the Act or regulations expressly
require that a notice, document or other information be provided
in writing, such requirement shall be satisfied by the provision
of an electronic document provided that, in addition to the
conditions set out in section 12.01 above:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    the information in the electronic document is accessible by the
    addressee and capable of being retained by the addressee, so as
    to be usable for subsequent reference; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    any other requirements of the regulations have been complied
    with.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">D-14

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART XIII</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>EFFECTIVE DATE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>13.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective Date.</B>
Subject to the continuance of the Corporation under the
provisions of the Act, this by-law shall be effective when made
by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>13.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repeal.</B> The existing
by-laws (and any amendments thereto) of the Corporation are
repealed as of the effective date of this by-law. Such repeal
shall not affect the previous operation of any by-law so
repealed or affect the validity of any act done or right,
privilege, obligation or liability acquired or incurred under,
or the validity of any contract or agreement made pursuant to,
or the validity of any articles (as defined in the Act) or
predecessor charter documents of the Corporation obtained
pursuant to any such by-law prior to its repeal. All officers
and persons acting under any by-law so repealed shall continue
to act as if appointed under the provisions of this by-law and
all resolutions of the shareholders or the board with continuing
effect passed under any repealed by-law shall continue good and
valid except to the extent inconsistent with this by-law and
until amended or repealed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PASSED by the board of Directors as of
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 24pt; ">

<TR style="font-size: 1pt;">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    President</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Secretary</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    CONFIRMED by the shareholders in accordance with the Act as of
    the &nbsp;&nbsp;&nbsp;&nbsp;day
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Secretary</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">D-15
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE E</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>AMENDED AND RESTATED</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>PERFORMANCE-BASED COMPENSATION AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS AGREEMENT, dated as of the 15th&nbsp;day of March, 2005,
amends and restates the Agreement dated as of the 1st&nbsp;day
of January, 2001 between OPPENHEIMER HOLDINGS INC. (then called
FAHNESTOCK VINER HOLDINGS INC.) (&#147;<I>Holdings</I>&#148;)
and ALBERT G. LOWENTHAL (&#147;<I>Lowenthal</I>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>W I T N E S S E T H :</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Lowenthal is employed by Oppenheimer &#38; Co. Inc.
(formerly Fahnestock &#38; Co. Inc.), a wholly-owned subsidiary
of Holdings (the &#147;<I>Company</I>&#148;), and Holdings as
their respective Chief Executive Officer and serves as Chairman
of their respective Boards of Directors; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Compensation and Stock Option Committee (the
&#147;<I>Committee</I>&#148;) of the Board of Directors of
Holdings (the &#147;Board&#148;) has determined that it is in
the best interests of the Company and Holdings to provide a
portion of the compensation for Lowenthal&#146;s services during
the Term hereof in a manner that aligns the compensation of
Lowenthal with the performance of the Company and Holdings, the
long-term interests of the shareholders of Holdings and the
compensation paid to other chief executive officers of
comparable financial service companies;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, in consideration of the premises set forth in
this Agreement, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged,
Holdings and Lowenthal agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;Definitions.</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    <I>Class&nbsp;A Stock</I> means the Class&nbsp;A non-voting
    shares of Holdings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    <I>Market Value</I> of a share of Class&nbsp;A Stock as of a
    determination date means its closing price on the New York Stock
    Exchange on such date or, if such date is not a trading day, on
    the trading day next preceding such determination date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    <I>Performance Award</I> means the written performance goal
    established with respect to a Performance Year pursuant to
    Section&nbsp;2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD align="left">
    <I>Performance Award Amount</I> means the amount of
    performance-based compensation determined pursuant to the terms
    of a Performance Award.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD align="left">
    <I>Performance Year</I> means a calendar year during the Term.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD align="left">
    <I>Term</I> means the period commencing on January&nbsp;1, 2001
    and ending on December&nbsp;31, 2010.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.&nbsp;&nbsp;Performance Awards.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or before the 90th&nbsp;day of each Performance Year, the
Committee shall establish a written performance goal (the
&#147;<I>Performance Award</I>&#148;) with respect to such
Performance Year. Such Performance Award shall be in the form of
a written formula pursuant to which the Performance Award Amount
shall be determined based upon the degree of attainment in such
Performance Year of targets expressed in terms of one or more of
the following factors: Holdings&#146; return on equity,
Holdings&#146; consolidated net profit, and, the increase in the
Market Value of a share of Class&nbsp;A Stock from the date the
Committee establishes the performance goal (or, if later,
January&nbsp;1 of the Performance Year) to December&nbsp;31 of
the Performance Year. Except to the extent otherwise provided in
this Agreement, the Company shall pay Lowenthal in cash the
Performance Award Amount within five (5)&nbsp;days after the
Committee&#146;s certification for each award in accordance with
Section&nbsp;3 following the end of each Performance Year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.&nbsp;&nbsp;Administration.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The procedures with respect to Performance Awards made under
this Agreement shall be administered by the Committee. The
Committee shall at all times consist of two or more members and
shall be constituted in such a manner as to satisfy the
requirements of applicable law, the provisions of
Rule&nbsp;16B-3 under the Securities Exchange Act of 1934 or any
successor rule, and the provisions of
Section&nbsp;162(m)(4)(C)(i) of the Internal
</DIV>

<P align="center" style="font-size: 10pt;">E-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
Revenue Code of 1986, as amended (the &#147;<I>Code</I>&#148;).
The Committee shall have full power and authority to grant
awards hereunder and to administer and interpret this Agreement
and to adopt such rules, regulations and guidelines as it deems
necessary or advisable to give effect to the purpose and intent
of this Agreement. Prior to payment of any Performance Award
payable hereunder with respect to any Performance Year the
Committee shall certify as to the degree to which the
performance goals underlying the Performance Award have been
attained for such Performance Year. Certification by the
Committee shall be made by March&nbsp;15 of each Performance
Year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.&nbsp;&nbsp;Performance Award Amount Limitation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In no event may the Performance Award Amount with respect to any
Performance Year during the Term exceed $5,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.&nbsp;&nbsp;Termination of Employment.</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    If prior to the end of a Performance Year Lowenthal&#146;s
    employment with the Company or Holdings terminates for any
    reason (including death or permanent disability) other than the
    termination of his employment for Cause (as defined in
    subsection (b)), in lieu of any payments otherwise payable under
    this Agreement with respect to such Performance Year Lowenthal
    or his estate, on the later of five (5)&nbsp;days after the
    Committee&#146;s certification in accordance with Section&nbsp;3
    following the end of the Performance Year in which termination
    occurs or six (6)&nbsp;months and one (1)&nbsp;day after the
    date of termination, shall be paid the sum of the following:
    (i)&nbsp;the amount that would be owed to Lowenthal with respect
    to the Performance Award (other than the portion thereof
    described in clause (ii)) for such Performance Year multiplied
    by a fraction, the numerator of which is the number of actual
    days of the year to the date of such termination and the
    denominator of which is 365 and (ii)&nbsp;with respect to the
    portion (if any) of the Performance Award attributable to
    appreciation in the Market Value of Class&nbsp;A Stock, the
    amount that would be owed to Lowenthal with respect to the stock
    appreciation amount using the Market Value of the Class&nbsp;A
    Stock on such termination date rather than December&nbsp;31 of
    the Performance Year; <I>provided, however</I>, that any such
    payment of a Performance Award Amount shall be subject to the
    limit set forth in Section&nbsp;4 and the prior certification of
    the Committee as set forth in Section&nbsp;3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    If prior to the end of a Performance Year, Lowenthal&#146;s
    employment is terminated for Cause, his right to receive any
    payment under this Agreement with respect to such Performance
    Year shall be forfeited. For purposes of this Agreement,
    &#147;<I>Cause</I>&#148; means (i)&nbsp;conviction of a felony
    involving theft or moral turpitude, or (ii)&nbsp;a determination
    by the Board that Lowenthal has engaged in conduct that
    constitutes wilful gross neglect or wilful gross misconduct with
    respect to his duties which results in material economic harm to
    Holdings or the Company; <I>provided, however</I>, that for
    purposes of determining whether conduct constitutes wilful gross
    misconduct, no act on Lowenthal&#146;s part shall be considered
    &#147;<I>wilful</I>&#148; unless it is done by him in bad faith
    and without reasonable belief that his action was in the best
    interests of Holdings and the Company.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.&nbsp;&nbsp;Deferral Election.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything to the contrary herein, to the extent
that Lowenthal makes an election in accordance with the terms of
the Oppenheimer &#38; Co. Inc. Executive Deferred Compensation
Plan (the &#147;<I>Plan</I>&#148;) to defer payment of all or a
portion of a Performance Award Amount, such deferred portion
(together with interest and earnings thereon as determined
pursuant to the terms of the Plan) will be paid at the time and
in the manner provided under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.&nbsp;&nbsp;Effectiveness of Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement shall be effective as of the date of its adoption
by the Committee, subject to approval thereof at a meeting of
shareholders by the holders of a majority of the Class&nbsp;B
voting shares of the Holdings (the &#147;<I>Class&nbsp;B
Shares</I>&#148;) present and entitled to vote at the meeting.
This Agreement amends and restates the Performance-Based
Compensation Agreement between Holdings and Lowenthal dated as
of January&nbsp;1, 2001, which shall be of no further force and
effect after January&nbsp;1, 2005 except as it applies to
performance years ending on or before such date.
</DIV>

<P align="center" style="font-size: 10pt;">E-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.&nbsp;&nbsp;Interpretation.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No provision of this Agreement may be altered or waived except
in a writing executed by the parties hereto. This Agreement
constitutes the entire agreement between the parties hereto and
no party shall be bound by any warranties, representations or
guarantees, except as specifically set forth in this Agreement.
This Agreement shall be interpreted under the law of the State
of New York without giving effect to the conflict of law
provisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.&nbsp;&nbsp;Arbitration.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any controversy or claim arising out of or relating to this
Agreement or the breach of this Agreement which cannot be
resolved by Lowenthal and Holdings shall, at the instance of
either Lowenthal or Holdings, be submitted to arbitration in
accordance with New York law and the procedures of the New York
Stock Exchange. The determination of the arbitrator shall be
conclusive and binding on Holdings and Lowenthal and judgment
may be entered on the arbitrator&#146;s award in any court
having jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.&nbsp;&nbsp;Assignability.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The respective rights and obligations of Lowenthal and Holdings
under this Agreement shall inure to the benefit of and be
binding upon the heirs and legal representatives of Lowenthal
and the successors and assigns of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, Holdings and Lowenthal have executed this
Agreement as of the day and year first above written.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="center">
     </TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name:</TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:</TD>
</TR>

<TR>
    <TD style="font-size: 48pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Albert G. Lowenthal, individually</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">E-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE F</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CORPORATE GOVERNANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set out below are (i)&nbsp;checklists summarizing the corporate
governance requirements of the New York Stock Exchange, the
<I>Sarbanes-Oxley Act of 2002 </I>and the Toronto Stock
Exchange, the Corporation&#146;s alignment with such
requirements and a description of how the Corporation&#146;s
corporate governance policies align with such requirements and
(ii)&nbsp;descriptions of the Corporation&#146;s Board
Committees.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>NYSE Corporate</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    The Board must affirmatively determine each director&#146;s
    independence and disclose those&nbsp;determinations.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has not adopted formal
    categorical standards to assist in determining independence.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;The Board has considered the
    relationship of each non management/officer director and has
    made a determination that the four non-management/<BR>
    officer directors of the Corporation are independent.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;Of the four non-management/officer
    Directors, the Board has determined that the only Director that
    has a relationship with the Corporation (other than as a
    Director) is Mr.&nbsp;Crystal. The Board has determined that
    although Mr.&nbsp;Crystal is a partner in the firm of Brown
    Raysman Millstein Felder&nbsp;&#38; Steiner&nbsp;LLP, which firm
    provides legal services to the Corporation, in view of the
    professional ethical standards which govern his conduct, the
    fact that less than one percent of the annual revenues of his
    firm are derived from the Corporation and that Mr. Crystal
    receives no direct compensation from the Corporation other than
    his Director&#146;s compensation, his relationship with the
    Corporation is not material for the purposes of determining that
    Mr.&nbsp;Crystal is an independent director.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    A majority of the directors must be independent.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;A majority of the directors are
    independent.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;Assuming the slate of directors
    nominated for election at the Corporation&#146;s&nbsp;2005
    shareholders meeting are elected, four of the seven directors
    will be independent.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    Non-management directors must meet at regularly scheduled
    executive sessions without management.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;At each regular Board and Audit
    Committee meeting, the independent members of the Board and the
    members of the Audit Committee meet in the absence of management.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    There must be a nominating/corporate governance committee
    composed entirely of independent directors.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has a Nominating/
    Corporate Governance Committee composed of independent Directors.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>NYSE Corporate</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    The nominating/corporate governance committee must have a
    written charter that addresses: (i)&nbsp;the committee&#146;s
    purpose and responsibilities; and (ii) an annual performance
    evaluation.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has a Nominating/
    Governance Charter which addresses (i)&nbsp;the Committee&#146;s
    purpose and responsibilities and (ii)&nbsp;annual performance
    evaluation of the Board members and effectiveness of the Board
    Committees.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    There must be a compensation committee composed entirely of
    independent directors.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has a Compensation and
    Stock Option Committee composed entirely of independent
    directors.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The compensation committee must have a written charter that
    addresses: (i)&nbsp;the committee&#146;s purpose and
    responsibilities; and (ii)&nbsp;an annual performance evaluation.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Compensation and
    Stock Option Committee Charter addresses the Committee&#146;s
    purpose and responsibilities.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The audit committee must have a minimum of three members all of
    whom must be independent.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has an Audit Committee
    of three members, all of whom are independent.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The audit committee must have a written charter that addresses:
    (i)&nbsp;the committee&#146;s purpose and responsibilities; and
    (ii)&nbsp;an annual performance evaluation.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has an Audit Committee
    Charter which addresses the Committee&#146;s purpose and
    responsibilities and provides for an annual performance
    evaluation of the Committee.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must have an internal audit function.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation&#146;s principal
    operating subsidiary has an Internal Audit Department.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must adopt and disclose corporate governance
    guidelines.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has Board of Directors
    Corporate Governance Guidelines which are summarized in the
    Corporation&#146;s annual Management Information Circular dated
    March&nbsp;24, 2005.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must adopt and disclose a code of business
    conduct and ethics. The Corporation must disclose any waiver of
    the Code of&nbsp;Conduct for directors and officers.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has a Code of Conduct
    and Business Ethics for Directors, Officers and Employees which
    is posted on the Corporation&#146;s website and available in
    hard copy from the Corporation&#146;s head office. No waivers
    have been granted under the Code for Directors and Officers.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Sarbanes-Oxley Act</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>and Related United&nbsp;States Requirements</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    The CEO and CFO must certify, among other things, that the
    financial statements contained in the Corporation&#146;s annual
    and quarterly reports filed with the SEC fairly present the
    financial condition and results of operations of the Corporation.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation prepares and files
    annually and quarterly for the first three quarters of the year
    the required CEO and CFO certificates.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The CEO and CFO must certify, among other things, that the
    Corporation&#146;s annual and quarterly reports filed with the
    SEC: (i)&nbsp;do not contain an untrue statement of material
    fact; and (ii)&nbsp;that the financial information in its annual
    filing fairly presents the financial condition of the
    Corporation.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation prepares and files
    annually and quarterly for the first three quarters of the year
    the required CEO and CFO certificates which include
    certification that the Corporation&#146;s annual report
    (i)&nbsp;does not contain an untrue statement of material fact
    and (ii)&nbsp;that the financial information filed fairly
    presents the financial condition of the Corporation.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must disclose the CEO&#146;s and CFO&#146;s
    (i)&nbsp;conclusions on the effectiveness of the
    Corporation&#146;s disclosure controls and procedures; and
    (ii)&nbsp;any changes to internal controls which might have a
    material impact on internal controls.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The CEO and CFO certificates filed with
    the&nbsp;SEC include certification that the&nbsp;CEO
    and&nbsp;CFO are satisfied with the Corporation&#146;s
    disclosure controls and procedures.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;In 2004, there were no changes to
    internal controls that might have a material impact on internal
    controls.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must have disclosure controls and procedures to
    ensure that all material information flows to those persons
    responsible for the Corporation&#146;s public disclosures.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has internal disclosure
    controls and procedures that ensure that all material
    information flows to the&nbsp;CEO and&nbsp;CFO and others
    responsible for the Corporation&#146;s public disclosures.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must have a written code of ethics and conduct
    applicable to senior financial officers and the&nbsp;CEO, and
    must disclose any waivers of the code.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has a Code of Conduct
    and Business Ethics for Directors, Officers and Employees.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;In 2004 no waiver of the Code was
    granted for officers.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must disclose the identity of the financial
    expert on the Audit Committee.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;All of the members of the audit
    committee are financially literate.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kenneth W. McArthur has been
    designated an audit committee financial expert.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Sarbanes-Oxley Act</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>and Related United&nbsp;States Requirements</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    The Audit Committee must establish policies and procedures for
    pre-approval of audit and permitted non-audit services.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;In accordance with the
    Corporation&#146;s Audit Committee Charter, the Audit Committee
    pre- approves the audit, audit related and non-audit services
    provided by the Corporation&#146;s auditors and fee estimates
    for such services.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must have in place procedures for the treatment
    of complaints regarding, and for the submission by employees of
    complaints relating to, accounting and auditing matters.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Code of Conduct
    and Business Ethics for Directors, Officers and Employees
    provides for the reporting of complaints relating to accounting
    and auditing matters and protection of any employee reporting
    such behaviour.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    The Corporation must have a process in place to protect
    employees who have provided information or assisted in an
    investigation of securities fraud or related crimes.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;See immediately preceding paragraph.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>TSX Guidelines for</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Improved Corporate Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1.&nbsp;&nbsp;The board should explicitly assume responsibility
    for the stewardship of the Corporation and for:</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The fundamental responsibility of the
    Board is to supervise the management of the business of the
    Corporation with a view to maximizing shareholder value and
    ensuring corporate conduct in a legal and ethical manner through
    a system of corporate governance and internal controls
    appropriate to the Corporation&#146;s business.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (a)&nbsp;adoption of a strategic planning process;</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board monitors and oversees
    strategic planning which is conducted by management.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (b)&nbsp;identification of the principal risks of the
    Corporation&#146;s business and ensuring the implementation of
    appropriate systems to manage these risks;</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board, with senior management,
    identifies and evaluates corporate risk and oversees risk
    controls.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (c)&nbsp;succession planning, including appointing, training and
    monitoring senior management;</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board assesses and monitors the
    performance of senior management and oversees succession
    planning.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (d)&nbsp;a communications policy;</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board oversees the
    Corporation&#146;s communication policy and corporate
    communications.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (e)&nbsp;the integrity of the Corporation&#146;s internal
    control and management information systems</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board through the Audit Committee
    oversees and monitors the Corporation&#146;s internal controls,
    audit and information management systems.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.&nbsp;&nbsp;A majority of the directors should be
    &#147;unrelated&#148; (independent of management and free from
    any interest, business or relationship which could, or could
    reasonably be perceived to, materially interfere with the
    director&#146;s ability to act with a view to the best interests
    of the Corporation, other than interests and relationships
    arising from shareholding).</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has determined that four of
    the seven current directors of the Corporation are unrelated for
    the purposes of the&nbsp;TSX guideline.<BR>
    <BR>
    &#149;&nbsp;&nbsp;&nbsp;Assuming the slate of directors
    nominated for election at the Corporation&#146;s 2005
    shareholders meeting is elected, four of the then seven
    directors will be unrelated.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>TSX Guidelines for</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Improved Corporate Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    3.&nbsp;&nbsp;The board should be responsible for applying the
    definition of &#147;unrelated director&#148; to the
    circumstances of each individual director and for disclosing
    annually&nbsp;whether the board has a majority of unrelated
    directors and an analysis of the application of the principles
    supporting this&nbsp;conclusion.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;As required in the Corporation&#146;s
    Corporate Governance Guidelines, the Board is responsible for
    the determination of whether directors are related or unrelated
    based on all relevant facts and circumstances that apply to each
    director.<BR>&nbsp;<BR>
    &#149;&nbsp;&nbsp;&nbsp;The Board has determined based on its
    assessments and including the criteria contained in the NYSE
    Rules that each of the Corporation&#146;s Directors except
    Ms.&nbsp;E.K. Roberts and Messrs.&nbsp;A.G. Lowenthal and
    A.W.&nbsp;Oughtred are unrelated and independent.<BR>&nbsp;<BR>
    &#149;&nbsp;&nbsp;&nbsp;Of the four non-management/officer
    Directors, the Board has determined that the only Director that
    has a relationship with the Corporation (other than as Director)
    is Mr.&nbsp;Crystal. The Board has determined that although
    Mr.&nbsp;Crystal is a partner in the law firm of Brown Raysman
    Millstein Felder&nbsp;&#38; Steiner&nbsp;LLP which firm provides
    legal services to the Corporation, in view of the professional
    ethical standards which govern his conduct, the fact that less
    than one percent of the annual revenue of his firm is derived
    from the Corporation and that Mr. Crystal receives no direct
    compensation from the Corporation other than his Director&#146;s
    compensation, his relationship with the Corporation is not
    material for the purposes of determining that he is an unrelated
    director.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.&nbsp;&nbsp;The board should appoint a committee of directors
    composed exclusively of outside, i.e., non-management directors,
    a majority of whom are unrelated directors, with the
    responsibility for proposing to the board new nominees to the
    board and for assessing directors on an ongoing&nbsp;basis.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has appointed a Nominating/
    Governance Committee comprised exclusively of non- management
    directors all of whom are unrelated directors which is
    responsible, among other things, for assessing the effectiveness
    of the Board as a whole, the Committees of the Board and the
    contributions of individual Directors.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.&nbsp;&nbsp;The board should implement a process, to be
    carried out by the nominating committee or other appropriate
    committee, for assessing the effectiveness of the&nbsp;board as
    a whole, its committees and the contribution of
    individual&nbsp;directors.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board does not currently have a
    formal process for assessing the effectiveness of the Board as a
    whole, the Committees of the Board or the contributions of
    individual Directors. The Board contemplates adopting such a
    formal process during&nbsp;2005.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    6.&nbsp;&nbsp;An orientation and education program should be
    provided for new directors.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation&#146;s Corporate
    Governance Guidelines provide for the orientation and education
    of new Directors.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="39%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>TSX Guidelines for</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Improved Corporate Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.&nbsp;&nbsp;The board should examine its size with a view to
    determining the impact upon effectiveness and should undertake,
    where appropriate, a program to reduce the number of directors
    to a number which facilitates more effective decision-making.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board examines its size
    periodically. The Board has determined that a board of seven
    directors (which the Corporation currently has) is appropriate
    for the effectiveness of the Board. The Board is currently
    considering whether seven directors is sufficient or whether the
    Board should be expanded. Should it be decided to expand the
    size of the Board, the Directors may, after its 2005 annual
    meeting of shareholders, add up to two additional Directors
    prior to the Corporation&#146;s 2006 annual meeting of
    shareholders.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    8.&nbsp;&nbsp;The board should review the adequacy and form of
    the compensation of directors and ensure the compensation
    realistically reflects responsibilities and risk involved in
    being an effective director.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;Under the Corporation&#146;s Corporate
    Governance Guidelines, the Compensation and Stock Option
    Committee is responsible for reviewing and making
    recommendations with respect to Directors&#146;
    compensation.<BR>&nbsp;<BR>
    &#149;&nbsp;&nbsp;&nbsp;The Board is currently satisfied with
    the adequacy and form of the current level of Director
    compensation.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    9.&nbsp;&nbsp;Committees of the board should generally be
    composed of outside directors, a majority of whom are unrelated,
    although some board Committees, such as the executive committee,
    may include one or more inside directors.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;All of the Board&#146;s committees are
    currently composed of unrelated Directors as is required under
    the Corporation&#146;s Corporate Governance Guidelines.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.&nbsp;The board should expressly assume responsibility for,
    or assign to a committee of directors the general responsibility
    for developing the approach to corporate governance issues.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Nominating/ Corporate Governance
    Committee is responsible, in accordance with its Charter, for
    the Corporation&#146;s approach to corporate governance. That
    Committee has reviewed and approved the provisions of the
    Management Information Circular dated March&nbsp;24, 2005
    describing corporate governance and the corporate governance
    checklists which appear as Schedules thereto.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    This committee would, among other things, be responsible for the
    response to the TSX governance guidelines.</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>TSX Guidelines for</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Improved Corporate Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    11.&nbsp;The board, together with the CEO, should develop
    position descriptions for the board and for the CEO, including
    the definition of the limits to management&#146;s
    authority.<BR>&nbsp;<BR>
    The board should approve or develop the corporate objectives,
    which the CEO is responsible for meeting.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has not developed formal
    position descriptions for the Board and the CEO nor has it
    developed corporate objectives which the CEO is responsible for
    meeting. The Board has determined that these are not currently
    necessary for the Corporation in its context. The Board believes
    that it and the CEO have a clear understanding of their mandates
    and authority. The CEO involves the Board in all significant
    matters and discussions involving the Corporation and its
    business. The Board is also satisfied with its involvement with
    management in setting corporate objectives and strategies and in
    monitoring corporate performance.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    12.&nbsp;The board should have in place appropriate structures
    and procedures to ensure that it can function independently of
    management. An appropriate structure would be to
    (i)&nbsp;appoint a chair of the board who is not a member of
    management with responsibility to ensure that the board
    discharges its responsibilities or (ii)&nbsp;adopt alternate
    means such as assigning this responsibility to a committee of
    the board or to a director, sometimes referred to as the
    &#147;lead director.&#148; Appropriate procedures may involve a
    meeting of the board on a regular basis without management
    present or may involve expressly assigning responsibility for
    administering the board&#146;s relationship to management to a
    committee of the board.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation does not have an
    unrelated or independent chairman. The Board has appointed as
    lead director, Mr.&nbsp;Kenneth&nbsp;W. McArthur, an unrelated
    and independent director.<BR>&nbsp;<BR>
    &#149;&nbsp;&nbsp;&nbsp;At each regular meeting of the Board and
    the Audit Committee, then on-management/unrelated directors meet
    in the absence of management and related directors and the Audit
    Committee members regularly meet in the absence of management
    and related directors.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Does the</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>TSX Guidelines for</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Corporation</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>OPPENHEIMER HOLDINGS INC.</B></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Improved Corporate Governance</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Align?</B></TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>GOVERNANCE PROCEDURES</B></TD>
</TR>


<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    13.&nbsp;The audit committee should be composed only of outside
    directors.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Audit Committee is composed of
    outside directors who are unrelated.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;&nbsp;&nbsp;&nbsp;The roles and responsibilities of the
    audit committee should be specifically defined so as to provide
    appropriate guidance to audit committee members as to their
    duties.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporation has an Audit Committee
    Charter which, among other things, sets out the role and
    responsibilities of the Audit Committee.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;&nbsp;&nbsp;&nbsp;The audit committee should have direct
    communication channels with the internal and external auditors
    to discuss and review specific issues as appropriate.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;As required by the Audit Committee
    Charter, the Audit Committee meets with the Corporation&#146;s
    internal auditors at least four times a year to review and
    discuss internal controls, compliance, external audit issues and
    requirements, regulatory and financial reporting and other
    matters.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;&nbsp;&nbsp;&nbsp;The audit committee duties should
    include oversight responsibility for management reporting on
    internal control. While it is management&#146;s responsibility
    to design and implement an effective system of internal control,
    it is the responsibility of the audit committee to ensure that
    management has done so.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Audit Committee oversees the
    Corporation&#146;s internal control procedures.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    14.&nbsp;The board should implement a system to enable an
    individual director to engage an outside advisor, at the
    Corporation&#146;s expense, in appropriate circumstances. The
    engagement of the outside advisor should be subject to the
    approval of an appropriate committee of the board.</DIV>
    </TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board and each of its Committees
    has, under the Corporation&#146;s Corporate Governance
    Guidelines, the authority to retain independent legal, financial
    or other advisors at the expense of the Corporation.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-9
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OPPENHEIMER HOLDINGS INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>BOARD COMMITTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board Committees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has an Audit Committee, a Compensation and Stock
Option Committee and a Nominating/ Corporate Governance
Committee. The charters for these committees are posted on the
Corporation&#146;s website at www.opco.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a brief summary of the responsibilities of
these Committees:
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B>Audit Committee (Messrs.&nbsp;Bitove, McArthur and Winberg
    (Chair))</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has adopted a written charter for the Audit Committee,
a copy of which is attached to the Management Information
Circular of the Corporation dated March&nbsp;25, 2004 as
Schedule&nbsp;D. The Audit Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews annual, quarterly and all legally required public
    disclosure documents containing financial information that are
    submitted to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews the nature, scope and timing of the annual audit carried
    out by the external auditors and reports to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    evaluates the external auditors&#146; performance for the
    preceding fiscal year; reviews their fees and makes
    recommendations to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews internal financial control policies, procedures and risk
    management and reports to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    meets with the external auditors quarterly to review quarterly
    and annual financial statements and reports and to consider
    material matters which, in the opinion of the external auditors,
    should be brought to the attention of the Board and the
    shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews internal audit activities, meets regularly with internal
    audit personnel and reports to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews accounting principles and practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews management reports with respect to litigation, capital
    expenditures, tax matters and corporate administration charges
    and reports to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews related party transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and approves changes or waivers to the
    Corporation&#146;s Code of Ethics for Senior Executive,
    Financial and Accounting Officers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    annually reviews the Audit Committee Charter and recommends and
    make changes thereto as required.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(see also &#147;Report of The Audit Committee&#148;)
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B>Compensation and Stock Option Committee (Messrs.&nbsp;Bitove
    and Winberg (Chair))</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has adopted a Compensation and Stock Option Committee
Charter. The Compensation and Stock Option Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    makes recommendations to the Board with respect to compensation
    policy for the Corporation and its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    makes recommendations to the Board with respect to salary, bonus
    and benefits paid and provided to senior management of the
    Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    in accordance with the provisions of the Corporation&#146;s 1996
    Equity Incentive Plan, authorizes grants of stock options and
    recommends modifications to the Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    grants certain compensation awards to senior management of the
    Corporation based on criteria linked to the performance of the
    individual and/or the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    administers the Performance-Based Compensation Agreement between
    the Corporation and Mr.&nbsp;A.G. Lowenthal;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">F-10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    certifies compliance with the criteria for performance-based
    awards or grants; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    administers and makes awards under the Corporation&#146;s Stock
    Appreciation Rights Plan.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(see also &#147;Report of the Compensation and Stock Option
Committee&#148;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2004, the Committee met five times.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B>Nominating/ Corporate Governance Committee
    (Messrs.&nbsp;Bitove, McArthur (Chair), Winberg and Crystal)</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has adopted a Nominating/ Corporate Governance
Committee Charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating/ Corporate Governance Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    makes recommendations to the Board with respect to corporate
    governance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    when necessary, oversees the recruitment of new Directors for
    the Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    recommends nominees for election or appointment to the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    maintains an orientation program for new Directors and oversees
    the continuing education needs of Directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    evaluates Director performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and makes recommendations with respect to the
    Corporation&#146;s Corporate Governance Guidelines; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and approves governance reports for publication in the
    Corporation&#146;s Management Information Circular and Annual
    Report on Form&nbsp;10-K.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee met once during 2004. The members of the
Committee, as members of the Board, participated during the year
in Board discussions and decisions on corporate governance, the
effectiveness of the Board and related matters.
</DIV>

<P align="center" style="font-size: 10pt;">F-11
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Oppenheimer Holdings Inc.</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Class&nbsp;A Non-Voting Shares</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Proxy, Solicited by Management, for the</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Annual and Special Meeting of Shareholders,</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>May&nbsp;9, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned holder of Class&nbsp;A shares of Oppenheimer
Holdings Inc. hereby appoints Mr.&nbsp;A.G. Lowenthal or,
failing him, Ms.&nbsp;E.K. Roberts or instead of either of them
</DIV>

<DIV align="left" style="font-size: 27pt;">
<DIV style="width: 100%; border-top: 0.5pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt;">
as nominee, with full power of substitution, to attend, vote and
otherwise act for the undersigned at the Annual and Special
Meeting of Shareholders to be held on May&nbsp;9, 2005 and at
any adjournment thereof to the same extent and with the same
power as if the undersigned were personally present at the said
meeting or adjournment or adjournments thereof and hereby
revokes any proxy previously given; provided that the
undersigned shareholder specifies and directs the persons above
named that the Class&nbsp;A non-voting shares registered in the
name of the undersigned shall be:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
1.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution confirming the amendment to the Corporation&#146;s
1996 Equity Incentive Plan. (Listed as item&nbsp;#4 on the
Notice of Meeting).
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    VOTED
    FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution confirming the adoption of the Oppenheimer&nbsp;&#38;
Co. Inc. Employee Share Plan. (Listed as item&nbsp;#5 on the
Notice of Meeting).
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    VOTED
    FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution authorizing the issue of up to 180,000 Class&nbsp;A
non-voting shares to the Oppenheimer Co.&nbsp;Inc. 401(k) Plan.
(Listed as item&nbsp;#6 on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
DATED &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 42pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Signature of Shareholder</I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <B>A shareholder has the right to appoint a person, who need not
    be a shareholder, to represent him at the meeting other than the
    persons designated herein. To exercise this right a shareholder
    may insert the name of the desired person in the blank space
    provided herein or may submit another form of proxy.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <B>If any amendments or variations to matters identified in the
    notice of the meeting are proposed at the meeting or if any
    other matters properly come before the meeting, this proxy
    confers discretionary authority to vote on such amendments or
    variations or such other matters according to the best judgment
    of the person voting the proxy at the meeting.</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>NOTES:</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="2%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    Please date and sign the form of proxy exactly as your name
    appears on this form of proxy. If a shareholder is a corporation
    the form of proxy must be executed under its corporate seal or
    by an officer or attorney thereof duly authorized.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    Your name and address are recorded on this form of proxy, please
    report any change.</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Oppenheimer Holdings Inc.</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Class&nbsp;B Voting Shares</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Proxy, Solicited by Management, for the</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Annual and Special Meeting of Shareholders,</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>May&nbsp;9, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned holder of Class&nbsp;B voting shares of
Oppenheimer Holdings Inc. hereby appoints Mr.&nbsp;A.G.
Lowenthal or, failing him, Ms.&nbsp;E.K. Roberts or instead of
either of them <BR>

________________________________________________________________________________
<BR>
 as nominee, with full power of substitution, to attend, vote
and otherwise act for the undersigned at the Annual and Special
Meeting of Shareholders to be held on May&nbsp;9, 2005 and at
any adjournment thereof to the same extent and with the same
power as if the undersigned were personally present at the said
meeting or adjournment or adjournments thereof and hereby
revokes any proxy previously given; provided that the
undersigned shareholder specifies and directs the persons above
named that the Class&nbsp;B voting shares registered in the name
of the undersigned shall be:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    VOTED&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;WITHHELD
    FROM VOTING&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) for the
election of directors. (Listed as item&nbsp;#2 on the Notice of
Meeting).
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    VOTED&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;WITHHELD
    FROM VOTING&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) for the
appointment of PricewaterhouseCoopers LLP as auditors and
authorizing the directors to fix the remuneration of the
auditors. (Listed as item #3 on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
3.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution confirming the amendment to the Corporation&#146;s
1996 Equity Incentive Plan. (Listed as item&nbsp;#4 on the
Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
4.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution confirming the adoption of the Oppenheimer Co. Inc.
Employee Share Plan. (Listed as item&nbsp;#5 on the Notice of
Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
5.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) the
resolution authorizing the issue of up to 180,000 Class&nbsp;A
non-voting shares to the Oppenheimer Co.&nbsp;Inc. 401(k) Plan.
(Listed as item&nbsp;#6 on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
6.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) for the
continuing the Corporation under the Canada Business Corporation
Act. (Listed as item #7 on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
7.&nbsp;&nbsp;<B>SUBJECT TO THE APPROVAL AND AUTHORIZATION OF 6
ABOVE</B>, VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) for the
adoption of By-laws of the Corporation pursuant to and in
accordance with the Canada Business Corporations Act. (Listed as
item #8 on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
8.&nbsp;&nbsp;VOTED
FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt;">
(or if no specification is made, <B>VOTED FOR</B>) authorizing
the Performance Based Compensation Agreement (Listed as item #9
on the Notice of Meeting).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
DATED &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 24pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Signature of Shareholder</I></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;
    <B>A shareholder has the right to appoint a person, who need not
    be a shareholder, to represent him at the meeting other than the
    persons designated herein. To exercise this right a shareholder
    may insert the name of the desired person in the blank space
    provided herein or may submit another form of proxy.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;
    <B>If any amendments or variations to matters identified in the
    notice of the meeting are proposed at the meeting or if any
    other matters properly come before the meeting, this proxy
    confers discretionary authority to vote on such amendments or
    variations or such other matters according to the best judgment
    of the person voting the proxy at the meeting.</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="66%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B>NOTES:</B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="34%"></TD>
    <TD width="2%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    Please date and sign the form of proxy exactly as your name
    appears on this form of proxy. If a shareholder is a corporation
    the form of proxy must be executed under its corporate seal or
    by an officer or attorney thereof duly authorized.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    Your name and address are recorded on this form of proxy, please
    report any change.</TD>
</TR>

</TABLE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>t16082bt1608201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 t16082bt1608201.gif
M1TE&.#EAX`&"`<0``,#`P("`@/#P\!`0$#`P,*"@H-#0T.#@X"`@('!P<&!@
M8+"PL)"0D%!04$!`0````/___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````#@`8(!``7_X"..9&F>
M:*JN;.N^<"S/=&W?>*[O?.^_#HAP2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZ
MFX[@=TPNF\_HM'K-;JO#[KA\3J_;[_C\$*[O^_^`@8*#67R$AXB)BHN,7(:-
MD)&2DY1YCY68F9J;G$^7G:"AHJ.(GZ2GJ*FJ:*:KKJ^PL4NMLK6VMZ.TN+N\
MO8RZOL'"PW?`Q,?(R63&RLW.SU#,T-/4U-+5V-G$U]K=WK;<WTD'#&$,`F@`
M`0!.X4\!`40%`0=*\$8'`040!0[[7?G^B6/C;B`1``-(##!P)L"#>$U$C)&X
MYP&[)!0//@CB$"(7`!L-$A0C,HJ`A`R$_S!X,`!=F8YU,D)P8%&)3"$@27[)
M6?*-SIY-5BH@HN!!RGX,&CP@L$!(`G\$'C1@"&$!3000#3A($&``5B$.$RAE
M*D2``@12J?()4P!M`JUIA5A]\)6?@W(/BLBD>;%`5*PN*<(EL#)(OWU(BY*%
M8-9K/S$&HL;5&$0K5Z\>%T0EX!&HE((BE38=LD`J!(=+)=>CN1$M@JHB'"1,
M``$D7=;L4!.(VA+"7][U*(I`P'HIVB"E-\X^S?*F"'CPT.9FZ>"X$(JN67-\
MR#PU2W1%!Q1G/&!`@@3?*=<>CANV<NZ>/_^,GX2O>H=BE-*F&4\`6LTUG907
M2+VA%P]^0D0%0/]I8L`DW`/UH#?4`1(I2%Y>#B%0CUXGL),00_X]P)!$I2&`
M#H(P(>B;10*(@,Y*`]+%T#P;XA02@>@8.-,#395&`'U1@&:0?4/P!--Z01#9
M46QA)`0`3\P="!]?&88151`/@@6?1$S*9M&1'#[YI()01@F!1$<:R=V1?)4I
M48@L-7!1D3>&9.9-0$8S7YY%A$6$CFF&I.1#ST%'#Y0I3OGE1H;NDZ699^95
M*'3YP,<A$6W:>2>&\*DI)429_L@810*4DU!-=`:!*'=X\@G&GJX*0>%"0AB0
M4#TJ*A4/?XQ)IV0``JSZJ1"9BJ%.4X\>*=&O`H!)Q%XU?=BKB)&N9R+_<]L-
MNZ.'-:%F5TH0%-493\*NV.-2$!@`@$NQ&B&D0:B%\9R6=`&WHW'H)E==G0VN
MJ2@[?[67[)9YZ6N=LT-`.YUXUE6[(@*290NI?:@UEY<!+%U&;:I(:AE/`=0E
MU!21[1;QKD$+*"75:,R)1==%-#%PY88`(I``.I8)<9A=_SP%H@().0"S&'SL
M/),8-=_,\Q&/^*SS7\`2*\8!-!'0#VT[&^TT/PU,1=%<2[%<ZU;IDKTT!`R@
MM=C6)6,*:]M((+PM-?=`0.%K<*]Q,I!RD_Q,5`T$$%5G>9^Q-WU&_^D`5=`<
MT$!"=16>QN&25VXY$Y1?KOGF4G/N^>=39%Z)_P$,!+``N^JRV\63-1ZQ`#QS
M!LLX%\&*^>2,]$AQP),'`=!Z%>J*^3L1=5NASCITT)B-Z)*8I=!H?F\!\@-#
M'6$`6B,0@$Z9'YF0)*I04/C`/R#WAD5QL2'1ZA,'2"8"`;,3!+XU;Z^"W@`%
MJ"/":O-OH?(`2*")G``T%.YM`218@<X^4C<%AXB*5X6@7G2,<@3>56$S"P"`
M4O#F!@9B@WF0$-^<>$6D`C1@*S4J!PK+\I2[J&X(+5K*^(Z0$:HU`$DI4\"<
M3+A"?@3```J@33X<H$,C&-"'!S"`/F05`'`50`$N)(*`GD07=`RQB#B!(A;5
MH8Z?$(E!M5E'`#CB$?\3-N`<3"3BG(90/I=,,8L]Y&(Y%!"L!F!Q'@9X"AH9
MHT(T!L0J!E`>VL*0@!H=X"E8/`T]%-``@<`"A(THD1'003&%..4V+*G'9C9S
M!)"=T31&0$LC6T<@$N#*DCLZCJU(X,B.F<PBXM,9]<)%`NT1H3!%6>"I1+`/
MVXR`(1FZR1=#$DQ)Y866V4O7+F?XIUD6(4<E:(I#=HF]_>UHET0CP0T1*`(`
MV`<]Q,FD>T9`FTCMLI6K@"0C5.2N:$%H1>QPT2#SAZYP+<X(42F`^%[(#Q(`
M9CW4TA4$;@7/'3'%``(E4!%\.0)VV"<J31$-QC0D`*6`:PC8PUM"60(!I>S_
M`U`LR=\K%3#!?4Q3I!*9Z`%"I$'N*!13EB+"K&9$%VRE2P0CXXX`E2DBC&DO
MA@!=AP#L(\]R[`,MNGRG"%)2&%FH<Q'L?.5%2)<`)ZV(4?4X0$(&<$9^[G-%
MZ+1;4D[UHW*EBP%5K0E-1C,IM,R.0&$(`T/L`S+:>`5;\"C*#8F0G'^TE5H'
MF`=:I%3.5Y*@>GZZ3EY64DYUB0\Z;H4IX53R@,)&18D$\]C<(*"C,!8E1J*:
M6\1RY],AH"<E%#FB*IZJB-(`L$BFFUMX&B`=NP%M!$UIJ0@&\+N5B,=+/ZE=
MD9Q4KMG6EDA=DJMZI#HJIE26.<2):V$3=LQ(Q56N_].3E[9>R0#6#0%,:(JI
M=:\[._3L56<_!!.5,FNF00'K+Y]UY=P.<%N<ELE!QU1M*EB;"`&!*T3[X$MI
MMQ40NZ%':,B#"^&J:4H.L>NRPAJP?8@4E0T]275')))2E,*0TE1O=_%SV(HL
MO*Z$G,A?D]TL\2PE$4\Z16@5QLFZ-+(QC$$(C!=J%GMA0I-_K)6QBI4O7PI\
MR(VTR'QK=9A^4<'?1*"&I&HCED4FJC\6\1(`14E`B3((42+8^,$4A&D"J^;*
MCE`9-0Y%588"4!0.VF@^PZRG@*#,S&=5=\UM'BB/"I"0[<)TC9H-LH#.\QT\
MU_25YDEK.44IN%DJZY@\SO^84EJR$CFI3,A6'A^6GZN8`&PPR/)]19,3P0!L
MNL0^GR6`1?EA:LZ28+JN/B]S0EN6S\9F>W:"2:I733+TO"]^&08?2H9PO1&D
M6":^7@I-,V8:N:GXNRP^Y@).A0"J)!M^DTSV<\<V`CI"BB*1_NP`V"$`R9Q%
M1&6B:ZN=%QNJI%93HJ[?*RX\CA"GRW<+G?$5Z,V$)#(A6,/#@KJ@`'`I`GHG
M\2MX$H2+#WVW@T4.3U?`D^#89^);&*,&7<FBQZ>,:SQ6',^3QS].\F^,O.0H
M_Z"\4\[RO$FC'W>$SE2[9N^6V]P9S$@``0#`Y]7(W&X(*$!;)G[SHF]CY0/=
M4`+_4O+:(:#5*1<UNM2/P8PY*>"H>A2"G'`BZZE[W1?7J*CV$)(_`NSG(M[\
MNMK!CG16*TV*KQ$:3G02!HA=]^YXS[O>]\[WOOO][X`/O.`'3_C"&_[PB$^\
MXA?/^,8[?O"P]@32-<,X"P[T-.`JG1&0M_;.IQ/I5A/>T,,UE.L=X`#5WOS!
M/<]Z4##C[B9-B+=9C;\C<+[UN'=]V[%P^]S[/A,9[_WOAR^)X*^>^,A/A/&3
MS_Q?[/X*PF^^]`.Q_.E;G_K/MT+TK\]].U2_^^#W?O:KL/WPFU]OXZ="^<_/
M?C-\O_WP-USZ&WC\^-M_"^^_O_[Q/W\IK'__`"@?:?!__P%8@*\R@/5G@,W0
M0M?%"_FG@-"`/NOS2/T7!00(@51G`@Y8@5!P@1@X#!)87;?P@!^H#.XS`D3G
M"B18@L0P5"=0>R/(@>^0@"S8"PBA`@W`3RHH@T[@@35H"Q4C-+93:L-!@Z2P
M@C^("U1C;$?0/DP8"TB8A+4P;;N5@!5#`"DH"E$HA;"0;#G(!#<84O&&@%RX
M"TZX5$]042/PA:O%@TW@@V4X"E0H(U)`A"_3AF08A[+@A3K8!)'QA*>PA7H8
M"G^(AE>0;`Z0A9@@B(/("7PV'#4G!6$X`&*C>WG8B*?`;M33AU2@AB(P>Y:(
M!G"(B9)0B##H!7:8>J'8$$9(BO^3\(C*5@:%*%[`YX9,,(JNJ`B:"(IE@(B*
MZ'R7F(N94&QBJ`:36(F4P(C"2&K9$XEDX(F;6(O!N(R1`(V1MP8P0H>5H(S4
M&`C$2(EU,(LI!HRBV(K="`C9B(5W(`"(R(FE8(M+@(OGN(XJLVUY,(?@&`G<
M.(]W<(Q_X((B\';DR(K\B`A7^(MSD([.B'W36)!^`)"T^`>S&'7O^`07)RN`
M9@`U)X\.N0:3:([KV(Z*P`S74QUBP&>[X1)G@0#5TR<@V9%L$(3N"`CXB(P,
MR02$02RGTQL!0!M6H9.J!Y-ZL(3S`@D0*9""\'K?93H?]B,)0#Z1QY%".0;X
M^)+HV(S_A,`-UZ-$'I$7<E<;\R&54]D%(CDZU421?B`-S5)[Q>.5:*<3\$!$
MAC*7=%F7=GF7>)F7>KF7?-F7?OF7@!F8@CF8A%F8@ND^"628BKF8/8E-C)F7
M5KD'2%=N#;`A!5!._A$NH[$`+5D;6-9=MA.:HCF:I%F:IGF:J)F:JKF:K-F:
MKOF:L!F;LCF;K9EL")!!M)F;NAF:L%A9NUF:".DN2*<`48=Z.C,43R0$5Q>4
M8^D&?"@*1&F/>L`,O\46]I0`J5=N"J``MN22S<D&9QAFI'"%"^D&56<[EID[
M9<$`>^2=WYD&L*B*J/"-:$D'^_B>G6AK;*@*FKB?=7"?DF,"_^/H"Z885JE0
ME<4`C_80F84CH,D`B]A6"]%YC6T`H`U:`@.*"[LXDZI`GO:IH$D@ENT"1"?`
M&0Q*"@5*H-@S`/7I$PW).>3`8"C`50Q0GJB@D,+0GQPZ!A;*)R:T`@@@HW1Q
M=<&Y"=:XH[(`B^-FGB`:-R<:'UBV3#8C/B00#X'U."9@=C9)B"NZI;X0GA1:
M!CW:$_D@HPK@I4:@1"'(*#8J">E8I+?@H2Y:CI4C`/U0`OZ`I*ZC<R;`5?ID
MI/48IL<``"MJH%\PIM_`F26`%7"J!(%U;HMZIGH:"(2Z6VB*#-#HG\O0I+;W
MI-IP2`PV`(GT!:2#I25@=IY*!P?9#?_QF:H'2*>N8J<G*!6&.@;J,*LB<$9M
M:@<0F:&-XSZ^>CZ<RIQ`DC*+R@"-2CL+@)U]2J24>BI+"B_9DZSM,*SNZ1EY
MM$RBNJMI<*7+]#Y:-JFB.`(.(*[.4*G%Z`6(B@SD,*L-<*EV0#IKZ@`BJ@6]
M&A^9:JZ88ZW$XZK"\*.UU)Z(``!\6@(T2JU7@*!`TJI=L*X$6E_#\1:38*>0
MZD]7IZ]34)9Y(HZ.P*_?Y:^W$*,E<*:<0`ZF6DL)`+)-"*QM<VT(:S(>"Q8J
M"PMV*H%6@[&*T$4G<!?<R@1S*)\E,XFU*GDOJ@Q1ZD^%Y`H"L*RX*JI_:@7/
M63C0R(NA$[/_IS&SJ`"J"C&JL?"HWTH7X1H%X=FB;9.*=R>H3&.U]<J??H&G
M!8"SHE"J)>J!\=FS0#*+))!]#GL*BNI/ZHD,!-NTNHH3<UF/FJHYVI8^>E*T
MN)!'H:H`=JNAG"FD++FF+$IRWA,D:HNUF%`J[CJTSN"M*Q"A'Y>YBPNKNV"L
M`?NRQZ"F*,"Y/6&Z1(NZM9"M"B&Q>6)K#85RLENMC)NU:5,"[]HN%;.[)2>:
M/;NWD`"PV2.PKE*\W81\RINS$`NVK-L-QV,HUXMRTTL(93JR\(J?JV@&:YN6
M)G"G>?NVX@N%F\L):SH"C+J^M="]>&"Y7"N_%/B[D!""ZHN_,:B__XP`)R3@
MO[M`O^$HI")(P$[5OIC0FR6@P/]+NY*0;&@+P6,HP8T`D:!KP3L(P(/PC9'+
MP;G`P)`PA]TIPAOHP8!0,9V)P@6\>^S(1C^7+C37J1E<CQOLPAW<!&9!$O0*
M.T`G=!I"K(E@BB&LPR/<!+9!$DVG$N6T=$1\""8,MT@<"M>0=D)@,W>A=6C7
M=5>K""Q,Q54\ODN`Q60'`&8W$V\9Q8$`C60[QO.[>U@,=VH\=VYC=X^7QW4W
M`M6IQW[\QX`<R((\R(1<R'Z<P\)ID<8R)P#41"HQ6>5[!F&HCG",<7)\DD.\
MG>FB(:@78I%<!ME(M96<PDZ01]\E>R[!9_^GV*]M;&MO/,K@0,)]<(;Y",N6
MK,)M,,E';,N!*,MX,#U2(<:\K(6^;`>V%JS#',>XC`;E9JG)3'7%+`>K%(O/
M?'3+7`;`?+C5W`L&/`6V5L';',O7[`7-G*[A#(+1K`;$"+3G?,L8K`:P6*[M
MC`S=W`04/,_)4,]*`)"KC,_H/,Y7`,+^G,_I/`80*LP#?80%[07)UL()_<_O
M3,XX_-#*H,_$)AFT0M$$#=!0,,4:7=$+S7O=]M'-4,_0B,@D+<X1'=`8#;LI
M3<9D\,G#]3[;^]),%M)UV&T(;=.]S-%'H(FOS-/<C--.0,LN+=0P/0;E.\DU
MC=0W[=-.MX8[[=3_/;W2/'S,5/T,8UK.M9S5(,W1TTRZ7OW55IT$V3S58UW5
M!!D%6)W66DW4,(31*.W6N,"-T\S.=+W19<U&Y(K6>=U:5,"(]_S7L``2R;J%
M_#S7A*T)$*2YO[O.N[S8DF`;YG.Z:]U)IR+/DGT*"^)I$HC,,%NT#9W!E;W9
M30@`:+4OL4%2V9@>EDV^!Z?!D.!LA-W9)P2_]-I=JJ.[$:D$^6?$1KE5?EW-
MN].37K+:IK.0=#G7[^?1;2PFT'%"J@VN!1#9R<QSGH:8N1UQK$#"+%P'M9.]
MTBVD!!`&)-5$RT0`F4V<1RV_Q?T4V$12"V#=PLH^)%%LA:7*884\)WT&_[O3
MV7'9)%EJWO``FO4'S/-R`*]SW`1`4MQ=R=C=`-K=1`_^GY.I&4R\+F>TR:<G
MG\<CEQAMW?_].@%^W+5$X!1N>=Y\=PX=+)Z648%SD1;\WB8NE_.=E4BG%>7-
M=6.#>8\,;5FJB",.'7'UM=)5X&*B!\'"`-RY6_1ZX_@9X1.NVP,)A@W2E74,
MED!^6`(PY"5NY(0$#_D#`/1-!ZC]%.3ZE&7>?2A-X]!JXVO^H8H,%EC^E7.<
MN"T078'SF'S>Y_!`6Z=ZWGX^Z(1>Z(9^Z'LI07DIX29`'%R!Z(-YHE<L!IHG
M!`"T=;5Q7GA^JENQ#K_YZ:"^F@M>3>)A.J%^ZO^HGNJJONJB.6E/,@\.<(+B
MX>"L#NK4.NFU(BHI@S9/?%'0:Q%/8MPG&`:PT]ZZJ`Z`3A>!LP!-W7D"0A?9
M0Z_Y,]R'@.L)8CID@7I"7"._OGK!\CI/X3[B$3C=%>>0@-I-3AWZ8.XMM[0%
MVU#LKH^[%U@P!$4L@U!3P5=Q>=[!N3OS`$6D+I?YT^R+P'-H'AM/:>R6$U@%
M2T0EH-C$#-4RA=J>34T"7^&C8``+3E;LW7F/BCWT>A'02VLJ?=FD2O'R$NU<
MD4'4_@<*_N+#$>,M#Q2!!*DA;P3S,)>D;/)I$.QCA#[$[NF9B.R201RF0W1S
M7#*ENE6#2S\2;Z^='>[_>;O=NSI4\6X&Z([16U'=?Q8K2Q\G-=H-%GT%P?+O
MTSWN%#X\S<Q;D1!(![\1A`9O0*&S0\KUXC#V7N#O;&;BQ$%2;?L^,[\&+U_C
M%![XKD#W+/FT(H'W:*`NI7/;ISKME4"E(4.N\GWUHN#NK*&E!._./%\)"/X>
MU.'@F&\&O&UAKP/YMU'XP>#NDJ&EAC_43_\'P/P/93]&[E/>^H#Q>3!4=]>B
MNY/:U03G77N9HW4Z;</X<0`RM:HN>__FI*\)MET<1M]=G3^43P3R,JURLP\(
M<'K[L1[MNQ_[:A#\3S'\RZ[PC9_]ZJ[^A1W8<`T+S@]%T+\.I>\&TX_;2R?C
M_]X(`DPS/$/#&)"ZLJW[PK$\T[5]U\I3X*OC](*K`$!H/"*3,`&@$&@0'E*"
M(U``")3:+>0`8"0<".G#T0@LBESE=U0ZI=;R.;VGD_)ZO[J+R/\#!GD%A)&4
M."@0Q04RJ@`L/#F0(3@D,``<-*X`!$@^("@49&J2EO8<W)'EW>PQ^IG"EC8]
M14U5767%TGF!B9&9H:GA".3&<'J"BNHNDQH`<`9T.M2251/H`;D*,W,##A;^
M)BXL=FL]1DY67H[&)+H(+"34$B0LL)?C&SE#A_E64U:*]LR``4,/"!2ST2K0
MJWP.^<R"DB[`I80O"B!\"(-7F#%2@*5A<:!$%GCRIO_4LZAQ)81GD`(H^&'0
M5A6*S^[!*'A0)8V%@!JR#+KFFP.#B-"0*S"%IU`5!B#%3!=F2JTJ6)IV8S(+
MILQJ98#9Q*3$0`.F,WS^`8IU[9:(U"@EL&:6+00F#`)0>Y!@&UT9`AR0"Z+5
M221/U7Z<L?)L+C.T?-3VC9QD4*I?@26S"%`M`&:_409<%OGLKK2\AXX&XTO7
M<1W(G5\'J3R`A`G7=`7,1`#[';4!::*5]@HP0;0TJG>K8$W'-O+F[:2`AF"@
M@`*/].Q%7O!CNX/CF`^8EC)<((#0SF,HG\/\//L5"J*W,(E,`8KV:P]`*@J]
MF@+[2-++L9Y_Y^'T`B=N#&#_U8#EP-.)(944D`(`9/2WH!``KB&@A1NV,%UU
M*&''(2!,/&$=?:$I5:&(K&3#D'<KPLB"?.*=&&,2)#9@XB4UF&>C"QARH:&/
M,;9!FX)#SO"%`K4@<,:+2!X!Y!9"0AGC`=3-4T^!,"K)I).,51EEBS\]&2:4
M#<Y7WX;3G70($6":F8246E`9)Y)%NEEF7VQZDB`:6]I)QYQ*U!DHE%<N"2*@
M0>'7R2]_&EK*H$D4&FF5:(H'!TN-ZE=&`A%:&LND2%0:JIEXEO$F,R1V"F&/
MIC8RZA&EPAHGHEDJPPB..NI9:ZQCIM6KKZ9B^HFF<AS(Z[`.R6H$K<M&VH9'
M5C%5_\`J!C*0J+&J0OM0LT(\VZVE5[9)3ZX0*+4#"P9DZR6WXJ[T;1#APALJ
MJYG&148"4[FY`)SU<B-O#_0"#"N[X2$`:<%L"8P#P0N;JM,D_T*,3\,W/%RQ
MI1+#I_%:%]N0L<>&%M3QR$V!7(/()]M)$,L?`_N8L"_37#,LW^XC5ET,,,#3
MRC8#';281G#'@P`$*+"D2C\+W;339\5L@VXL4*="*'W,_+366[-H!`*0Q*'`
M`BHLH.(067.=MMHM-&O``XD,P$-WCL3,]-IWO]RL`'$8<,W<+8WY`P)4<%>X
MX8<CGKCBBS/>N../0QZYY)-37KGEEV.>N>:;<P[YM3@T>_\`.P]`\*D*!22`
M-=ZKL_YCU#0PD$T!#4"@77)CMV!WZ[O7J[<88H2-`"@OZ,Z[\<O*ZTR'YA5_
MO/.FIDQ#\\]3'VCT,TQ?O?957B]#]MN#;V/W,7P?OOD<C@]#^>>S[U_ZQ*/=
MOOQAOJ_Z_/?[6G_N\>/?_XKZ9X9__AO@@@!X-@(BT$P&5,'Z$NA`C2P0`@U\
M(`7+$<$)5C"#NKB@`#7H0:QP\(,B9$\(1VC"W93PA"J43`I7Z$*8-0*#+YPA
MT5ZGG@[2,(>!:*$.>]@-'OHPB**R88!P*,0CRHF(&3(B$IL8!"`Z,8J"4F*0
MF"C%*Z*'BE.R(A:[R`(H>C&,3]3_(IVX*$8L@O&,:H1:#,VX1B>F\8UR_"(9
M">7&.0HQCGB4HQ[WN,8^^O&,@`QD&`=)R"X:\I!73*0BH\C(1C;QD9`\HB39
M`BK_3&=!F1S0)OV3N@O5D5)W=(@,-<&)!9UR0*ET7PVY4(#9?(Z!H\Q'*1NQ
M2OO<LCVY)&$KM6``!(@.`9>I91M5R1ECHO*8K`3EE!B@@KO8SS_$#,0NSU--
MYURS.:&DXQ;^!H"ZS1(?TP1$-I%3SMV<$S;;],$Z8>#-,3V#/L^8)SWK:<][
MXC.?^MPG/^LISWX"-*`"'6@]LT70@R(TH?0TJ$(;ZE!^,O2A$IWH,]H)@90U
M0`T`H-T0_X#CT8^"-*0B'2E)2VK2DZ(TI2I=*4M;ZM*7PC2F,ITI36MJTY7&
M4B$6=0$85&")238R90=`@+6`"51%1H\L#7C54?^XTZ9"-3E/C6I3(TA5-5KU
MJF+,JE:]>#TOK.``#"A`,0R`AA4(H``,6%0^!,`S=AS`"E0+`%SEVA1.X&YG
M/0NK73?!5GPX81%NW:LC&C+8OV;EK7R]EA/88=:\!N6PFP!*8UOP#'=.M05G
M4,%0$Z"TVB4,$2I`6@*$*92"[&L`1?AE&"H4D]*F@+6B#<J2I%$7I'U6MBH2
M``+"R86CG2%AMTU:1@J0,*)*9P"I]:TOE9L`U4H'`:VU6B5,&_^`A$'AM,Z%
MKG&OFX?7FE8%N%$FVS)[NC$<TW00H`\$"#`*89;M=!QEB3O0U9^K00"80SW=
M??-@U)4<8`"Y`&;5ULL#_!KUN0]@KA8*D(W]%OAJ1MUO?0N\D@KW5P7ZG5K5
M!C`*`C"5&1C.;R;VNU_[LI.\W-2"%^K[MR=`@'3)(8TC!B"47"V`=@C(Q:=0
M)U[=[-BG.2W'E58`8K&1K3]!+AT/G$$`!K-!#;A9+^[*!AXC7VD4.0X*CG7,
M8VM]DK<M^3%BE]'E*X^67#]^)G%4S,X,I?>8>WAR70:`AFQH9BT`^%J,.QJ-
M%9!.QA)T\T,$((^+:A0(@OYS<J"\A0/_5`+1=/NF#X2Q9\BRY-)]9B!P`.V#
MP>GY:Y1N-*/[W#<!E+J\<!8O`0A`"=H51`P$<&9UJ&!CH0C@/;A;=*=5$.B.
M"F4!3<K".S<]Z$IC)0!V;O2D6S2W7/NF*=#>M9^5*>A'$(#0;=4UX"I=:M*!
M^-@ON%ZJ#7``XFSB:&HXP%/,^X>C):`8[K7:`N+;A6O,F\I<[NT*U.OC?".9
MV4*)"3O\'>^IY9<8]*"8+N`M[U&(S=Y75J;M6.+P-6L8'A6ZLE>B1NXXUSD3
M=-YS[;+A@"'C`YHL0#=NB"%@"::.Y2]GR9+)9O*QR;P8?V.)`8!5<0>,;>37
M4'E3B.Y3SK2\_^4P;Z\:"!$4HS.])==0NM.!/6YW<YJSE$`N:(&7G%:;+5Z'
MN2T!XG:Z`;2Z)*TV>Z:]4H3J#(_L;!<X2S13#:L)KT*QCHYARA"4O@/A:&7/
MPRO3WI($48'AI@!\<HL2A\)GQ.JN^\-5T,H7<[]&9YSEB^;W%)C.P\9EEE=\
M4#H/5A:4!S-,2,CI==K5U[,1]K*?_.QK+U7;VYZKN*<DUG>/U=YCCW"=&S[Q
MBV_\XR,_^<I?/O.7S^]>:L/W"0R75<<I_9-1'_C><_3UFY9]35B_^QK[?C'%
MWS_R1]_\^$._B]2__@Y6G_ONIQG[R10+MS:@"F6^09&QMR%4(P)D6?]+,4`#
M15P&/>4")VQ#9>T&``;<Z9#59$6#FG0!:7A4$3A@E3F3>`6`193-&9">$/2?
ML\"?]I$/$WD!/848<*7!<X78#8R:#)B@0R1,$T3;135`_@U!32@;IB7(#Z1`
M=W$=>+V@4-3@*^&.&>@@`_'@#3+`2U2'0.07$2!A%]Q@#N8.47&"AP6"`:1.
M##I,"8(?$]G=+TC/?$%`['3!((P"%HP56BF6=*356@%.7.557$7@F(D.)QS`
M8.6"9$F'6.T?'?@8CUR#S?E:(F8=V:`AI+7`A.G&B5F80T3>#/3-"E2<C/$:
M)G+4(7:;4WABQ3&`@"W`S'$6%_K4QHU529C_FQ]4UM[$E3"(51ZF%5W510HP
M0+BA2P"\8/T%"PSB4V4<1#Y]6&`(F+(I0&EEPD%T0NKPUKX8E1A`8TLT"5[P
MP)[!Q"&2#C(^5R7HX#,JXT55PB#*0;J$W4;<(`LD33)*WI9M0@.H58EYHGL5
MHI@]A%*@G$BDHWLDS2>)6^W0S@',5PP&&*8EQPCPQ>R\`&LI#0#X28(DHX`Y
M9!7P&4-F!#TH6T6UEW)!0`Y>ET%&TQB-H0WDBU>8Y$EZQ:T)FK?A6>HL6)T-
MUNDX4Q6,UC.\'*4ME=6DP#::G-&0#L_(Y$7EXQ;D'^(8A/`9#CN,8JKD@F:,
M22=$PW-MPRBFEC,X_QLT>!HL%*51G@;B^.-25D%3^MT.1B5TO2'=L`!8=B!:
M/0`:+J)FX8XE.&06P$1-SJ74=61<7L(ASA,04!I9<)9;PL_0E!\-:`?B>`09
M_.#A<)0ICI99'1.E"5IW3,,/4(&D(=JH2>9V"-<VRID:D$YE5B9F4EX^&<0E
MX)-%7(D9E$YW^,;<0*4!MH#HL%D,=L>WQ8(^E>%>X%-@K";MA(%#:D<1Q*::
M5"(8<I:#S==UH:+DL<"U4>8B=D<,_AK='(T)7*-?`L%U;<=*JH\8%N:L=!P-
MP*,^BMM&&1M@G,`\I<#?3&<V4)IJS=,RBMO?D,YZ#@1IPH).#*5/"5:@9?^!
M0]Y:JG5(`CJ`/2:<Q'FBQ4P"#23`?\98@,[&6XH7&L;@@[)EC9T;L`#`@HH`
M!,Q<CHT:H[WG"MA8B'+4="`-I5%:1.F)+\H,H8QGDL#'T7`&7JA`>3[`V/Q2
M&E:(T[FG1G9;>5[4V'BFP/WDCZ;.SL7"4Y#D0.I&=/Q%D!$H"VS6>CF3T,'D
MTCE$/3%&`D`IB*;`E-*EBED+ZK4(F&Z";O"6,[7I(^9!0;S=!L+CB'ZF0V9"
MMF!ICEH+1XFH=DI'1G2H](!G^IG"*\G$)^'%X&3#010%!DZ#X06I9@+!+XE!
MA1PI9I+.7[1:1C`IKA7%-)B64H@!5Z":MD57JQW_:./!!^2%8%N%JJL%81DD
M3$R<JF8E1`S^!>*95DQLP@.0PR_96AX(WO#8::/M&26\7+'VA^`Y'J4%6,PI
M:XC!:&O(WT)N0S2PFZ=5GE,4(>J1HW1\JT9XP3VL7@^DWNB)AG.4JXQT:T[0
M0+OB@/)T"&)]$Q/4Z[JHQK9V@;!4ZW)<J_2HF'?.WTH@9_M!'\*6PV5E1L$V
MQ0B&)S:,I,.RS[_>$,56;*$J+,:"C\46$<>:C\<N$<B&C\A6$<EVK,8"@H,U
M7\NZ[,O";,S*[,S2[.2,JZJA+"'I7LYFT,[R+`7Y[,\Z4-`*+0)-`T4A;=(J
D[=(R;=,Z[=-";=1*[=0^$BU2UNS58FW6:NW6<FW7=FT(```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
