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<SEC-DOCUMENT>0000791963-06-000004.txt : 20060407
<SEC-HEADER>0000791963-06-000004.hdr.sgml : 20060407
<ACCEPTANCE-DATETIME>20060407150938
ACCESSION NUMBER:		0000791963-06-000004
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030103
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060407
DATE AS OF CHANGE:		20060407

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:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		06747713

	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>8-K/A
<SEQUENCE>1
<FILENAME>f8ka4v5a.htm
<DESCRIPTION>AMENDMENT NO. 4
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>K2--Form8-K--new director</TITLE>
<META NAME="author" CONTENT="RSM">
<META NAME="date" CONTENT="04/06/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;</U></P>
<U><P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:12pt"><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><B><U><BR></U></B></P>
<P style="margin:0pt; line-height:26pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:26pt; font-family:Times New Roman; font-size:12pt" align=center>Washington, D.C. &nbsp;20549</P>
<P style="margin:0pt; line-height:30pt; font-family:Times New Roman; font-size:14pt" align=center>FORM 8-K/A</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>AMENDMENT NO. 4</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>TO</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CURRENT REPORT</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PURSUANT TO SECTION 13 OR 15(d) OF THE </P>
<P style="margin:0pt; line-height:26pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITIES EXCHANGE ACT OF 1934</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>JANUARY 2, 2003</P>
<P style="margin-top:0pt; margin-bottom:14pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><U>OPPENHEIMER HOLDINGS INC.</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Ontario, Canada</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(STATE OR OTHER JURISDICTION</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>OF INCORPORATION)</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>1-12043</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(COMMISSION FILE NO.)</P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>98-0080034</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(I.R.S. EMPLOYER</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>IDENTIFICATION NUMBER)</P>
</TD></TR>
<TR><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8>&nbsp;</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>P.O. Box 2015, Suite 1110</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>20 Eglinton Avenue West</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Toronto, Ontario, Canada</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(ADDRESS OF PRICIPAL EXECUTIVE OFFICE)</P>
</TD><TD valign=top width=212.8>&nbsp;</TD><TD valign=top width=212.8><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>M4R 1K8</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(ZIP CODE)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=638.4 colspan=3><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>(416) 322-1515</B></P>
</TD></TR>
<TR><TD valign=top width=638.4 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center>(REGISTRANT&#146;S TELEPHONE NUMBER, INCLUDING AREA CODE)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): </P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="margin:0pt; font-family:Times New Roman">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12) </P>
<P style="margin:0pt; font-family:Times New Roman">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style="margin:0pt; font-family:Times New Roman">|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXPLANATORY NOTE<BR>
</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">On January 17, 2003, Oppenheimer Holdings Inc. (formerly called Fahnestock Viner Holdings Inc.) (the &#147;Company&#148;) filed a Current Report on Form 8-K (the &#147;January 17th 8-K&#148;) reporting the acquisition of certain assets of the U.S Private Client Division (the &#147;Private Client Division&#148;) of CIBC World Markets Corp. (&#147;World Markets&#148;), a wholly-owned subsidiary of Canadian Imperial Bank of Commerce (&#147;CIBC&#148;), and the agreement to acquire certain assets of the U.S. Asset Management Division (the &#147;Asset Management Division&#148; and together with the Private Client Division, the &#147;Purchased Divisions&#148;) of World Markets at a later date. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The sole purpose of this amendment is to provide the pro forma financial information for the years ended December 31, 2001 and 2002 as required by Item 9.01(b) of Form 8-K. As permitted by Item 9.01(b) of Form 8-K, the January 17th 8-K omitted the pro forma financial information, and indicated that such financial information would be provided within 60 days of such filing. &nbsp;The Company was unable to produce the information within that timeframe, and is submitting herewith the required pro forma financial statements. The Company has been informed by World Markets that the historical financial information of the Purchased Divisions for the year ended October 31, 2000 is not available and is not expected to become available. </P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>The Company does not believe that the pro forma financial information contained herein is indicative either of the actual results that would have occurred if the acquisitions had been consummated at the beginning of the periods presented or of future operations of the combined companies due to the effect of internal accounting and corporate allocations at World Markets, the effect of different fiscal periods (October versus December), and the change in the operation of the businesses by the Company subsequent to the consummation of the acquisitions. &nbsp;The pro form information is for comparative purposes only as required by applicable SEC Rules.</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I<B>tem 9.01. &nbsp;Financial Statements and Exhibits. &nbsp;</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b) Pro forma financial information</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=415.2><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Table of Contents</P>
</TD><TD valign=top width=174><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Page Number</P>
</TD></TR>
<TR><TD valign=top width=415.2><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Introduction</P>
</TD><TD valign=top width=174><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4</P>
</TD></TR>
<TR><TD valign=top width=415.2><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Pro Forma Condensed Consolidated Balance Sheet as at December 31, 2002</P>
</TD><TD valign=top width=174><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5</P>
</TD></TR>
<TR><TD valign=top width=415.2><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 2002</P>
</TD><TD valign=top width=174><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>6</P>
</TD></TR>
<TR><TD valign=top width=415.2><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Explanatory Notes &#150; December 31, 2002</P>
</TD><TD valign=top width=174><P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>6</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c ) Exhibits. &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">None</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Pro forma financial information</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Introduction</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On January 3, 2003, Oppenheimer Holdings Inc. (the &#147;Company&#148;) acquired certain assets of the U.S. Private Client Division of CIBC World Markets Corp. (&#147;World Markets&#148;), a wholly-owned subsidiary of Canadian Imperial Bank of Commerce (&#147;CIBC&#148;), and agreed to complete the acquisition of certain assets of the U.S. Asset Management Division of World Markets. The U.S. Private Client Division, also referred to as the Oppenheimer division, is now part of Oppenheimer &amp; Co. Inc., the principal operating subsidiary of the Company; it employed approximately 620 brokers in 18 branch offices located across the United States at the time of acquisition. Client assets at the date of acquisition were approximately $30 billion. The acquisition more than doubled the Company&#146;s private client presence in terms of client assets and provided managerial expertise to the org
anization. &nbsp;On June 4, 2003, the Company completed the acquisition of the U.S. Asset Management Division of World Markets, now operating as Oppenheimer Asset Management (&#147;OAM&#148;). OAM includes Oppenheimer Investment Advisers, three investment management consulting programs (Investment Advisory Service, Strategic Asset Review and Portfolio Advisory Service), a broker-managed wrap program (OMEGA) and Advantage Advisors (which includes publicly listed closed end funds and alternative investment offerings). </P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Presented below are the pro forma condensed consolidated results of operations and the condensed consolidated balance sheets presented to give effect to the acquisitions of the U.S Private Client and Asset Management Divisions of World Markets as if the transactions were consummated as at January 1, 2002.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The pro forma information which is required by applicable SEC Rules is for comparative purposes only and is not indicative either of the actual results that would have occurred if the acquisitions had been consummated at the beginning of the periods presented, or of future operations of the combined companies. World Markets has an October 31<SUP>st</SUP> year-end and, therefore, the 2002 financial information for the acquired divisions relates to the year ended October 31, 2002. Revenue and expenses included in the pro forma presentation for the year ended December 31, 2002 include certain CIBC corporate allocations, reflecting the manner in which these divisions were managed within CIBC. Such allocations may distort the comparability of the years presented below. &nbsp;In addition, the Company has changed the operations of the businesses subsequent to the consummation of the acquisitions.</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=632 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top width=632 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>( formerly called FAHNESTOCK VINER HOLDINGS INC.)</P>
</TD></TR>
<TR><TD valign=top width=632 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>&nbsp;PRO FORMA CONDENSED &nbsp;BALANCE SHEET (unaudited)</P>
</TD></TR>
<TR><TD valign=top width=632 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>As at December 31, 2002</P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD style="border-bottom:2.25pt solid #000000" valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt">(Presented in millions of dollars)</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt" align=center>Condensed Consolidated Oppenheimer Holdings Inc. </P>
<P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt" align=center>As at December 31, 2002</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>Wealth Management Division of CIBC World Markets Corp. (A Carve-out Entity) </P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>As at October 31, 2002</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt" align=center>Pro forma Adjustments</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt" align=center>Note Reference</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>Combined Pro forma</P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Helv; font-size:9pt">ASSETS</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Cash, cash equivalents and deposits</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$27 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$16 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($23)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>A, J</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$20 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Receivable from brokers and clearing organizations</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>492 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>184 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>676 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Receivable from customers</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>393 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>634 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,027 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Securities owned, at market value</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>50 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>14 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>64 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Income taxes receivable</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>31 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(31)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>B</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>0 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Other assets</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>46 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>99 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(9)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>C</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>136 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Stock exchange seats</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3 </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Fixed assets, net</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>8 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>11 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>19 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Goodwill and other intangible assets</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>12 </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>161 </P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>D</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>173 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$1,031 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$989 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$98 </P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$2,118 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=338 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">LIABILITIES AND SHAREHOLDERS' EQUITY</P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Liabilities &nbsp;</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Drafts payable</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$22 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$21 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($21)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>E</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$22 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Bank call loans</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>16 </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>378 </P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>F</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>394 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Payable to brokers and clearing organizations</P>
</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>521 </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>44 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>565 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Payable to customers</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>162 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>257 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>419 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Securities sold, but not yet purchased, at market value</P>
</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10 </P>
</TD><TD valign=top width=96><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>0 </P>
</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Accounts payable and other liabilities</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>50 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>208 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(19)</P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>G</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>239 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;Income taxes payable</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2 </P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Zero coupon debt</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>65 </P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>H</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>65 </P>
</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Exchangeable debentures</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>161 </P>
</TD><TD valign=top width=60><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>H</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>161 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>783 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>530 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>564 </P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,877 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Shareholders' equity</P>
</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>248 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>459 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(466)</P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>241 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$1,031 </P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$989 </P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$98 </P>
</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$2,118 </P>
</TD></TR>
<TR><TD valign=top width=236>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
<TR><TD valign=top width=236><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>See accompanying explanatory notes</P>
</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>5</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=578.733 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=bottom width=578.733 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>(formerly called FAHNESTOCK VINER HOLDINGS INC.)</P>
</TD></TR>
<TR><TD valign=bottom width=578.733 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>PRO FORMA CONDENSED STATEMENT OF OPERATIONS</P>
</TD></TR>
<TR><TD valign=bottom width=578.733 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>For the Year Ended December 31, 2002</P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">(Presented in millions of dollars, except per share amounts</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>Condensed Consolidated Oppenheimer Holdings Inc. For the Year Ended December 31, 2002</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>Wealth Management Division of CIBC World Markets Corp (A Carve-out Entity) For the Year Ended October 31, 2002</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>Pro forma Adjustments</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=57><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>Note Reference</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>Combined Pro forma</P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Revenue:</P>
</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Commissions</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$136 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$203 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$339 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Principal transactions, net</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>58 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>38 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>96 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Interest</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>27 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>24 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>51 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Underwriting fees</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>23 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>16 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>39 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Advisory fees</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>26 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>118 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>144 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>13 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>6 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>19 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>283 </P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>405 </P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>0 </P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=57><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>688 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Expenses:</P>
</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Compensation and benefits</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>170 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>260 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>430 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Occupancy</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>23 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>30 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>53 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Communications</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>32 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>47 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>79 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Clearing and exchange fees</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>51 </P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>61 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Interest</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>8 </P>
</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>7 </P>
</TD><TD valign=bottom width=57><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>J</P>
</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>15 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>28 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>106 </P>
</TD><TD valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(18)</P>
</TD><TD valign=bottom width=57><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>G, K</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>116 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>270 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>494 </P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=57><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>753 </P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Pre-tax income</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>13 </P>
</TD><TD valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(89)</P>
</TD><TD valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>0 </P>
</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(65)</P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Income tax provision</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>5 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(31)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=57>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(26)</P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=57><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net income</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$7 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=140.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($58)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$0 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=57><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($40)</P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Earnings per share</P>
</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">- basic</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$0.61 </P>
</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($3.19)</P>
</TD></TR>
<TR><TD valign=bottom width=151.067><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">- diluted</P>
</TD><TD valign=bottom width=106.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$0.59 </P>
</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>($1.81)</P>
</TD></TR>
<TR><TD valign=bottom width=151.067>&nbsp;</TD><TD valign=bottom width=106.333>&nbsp;</TD><TD valign=bottom width=140.333>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=57>&nbsp;</TD><TD valign=bottom width=56.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=578.733 colspan=6><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center>See accompanying explanatory notes</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">Explanatory Notes (December 31, 2002):</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">A. &nbsp;Eliminate World Markets&#146; cash, which was not acquired.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">B. &nbsp;Eliminate World Markets&#146; income taxes receivable, which was not acquired.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">C. &nbsp;Eliminate World Markets&#146; other assets, which were not acquired.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">D. Add goodwill and intangible assets, which were acquired.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">E. &nbsp;Eliminate World Markets&#146; drafts payable, which were not acquired.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">F. &nbsp;Reflect bank borrowing required to finance the acquisition.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">G. &nbsp;Eliminate World Markets&#146; litigation reserve of $19 million, which was not acquired, relating to investigations by the SEC and New York State Attorney General relating to financing and brokerage services World Markets provided to certain hedge funds that allegedly engaged in mutual fund market timing. The Company has no responsibility for these matters which occurred prior to the acquisition.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">H. &nbsp;Add long-term debt, which was issued to World Markets as part of the financing for the acquisition.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">J. &nbsp;Provide for debenture interest expense at the effective annual rate of 4.5%.</P>
</TD></TR>
<TR><TD valign=bottom width=576.8><P style="margin:0pt; font-family:Times New Roman">K. Amortization of intangibles, acquired.</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>7</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.<BR>
</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: &#147;E.K. Roberts&#148;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Name: E.K. Roberts</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title: President</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: &nbsp;April 7, 2006</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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