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<SEC-DOCUMENT>0000791963-06-000007.txt : 20060616
<SEC-HEADER>0000791963-06-000007.hdr.sgml : 20060616
<ACCEPTANCE-DATETIME>20060616101050
ACCESSION NUMBER:		0000791963-06-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060616
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20060616
DATE AS OF CHANGE:		20060616

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		06908752

	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
<SEQUENCE>1
<FILENAME>f8k61606.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/16/2006">
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<BODY style="line-height:12pt; font-size:10pt; color:#000000">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Washington, D.C. 20549</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K</B></P>
<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><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PURSUANT TO SECTION 13 OR 15(d)</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (date of earliest event reported): June 16, 2006</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><I>Commission File Number 1-12043</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=512><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Ontario, Canada &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98-0080034</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(State of incorporation) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS employer identification number)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PO Box 2015, Suite 1110</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20 Eglinton Avenue West</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Toronto Ontario Canada &nbsp;&nbsp;M4R 1K8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(416) 322-1515</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Registrant&#146;s telephone number, including area code)</P>
</TD></TR>
<TR><TD width=512><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD></TR>
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<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">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; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; 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"><B>SECTION 8 &#150; OTHER EVENTS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ITEM 8.01. Other Events.</B></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=justify>Oppenheimer Holdings Inc. (the &#147;Company&#148;) today announced that it has reached an agreement in principle with Canadian Imperial Bank of Commerce (&#147;CIBC&#148;) to buy back, in full, the First and Second Variable Rate Exchangeable Debentures (the &#147;Debentures&#148;) issued to CIBC as part of the consideration with respect to the acquisition from CIBC of the U.S. Private Client and Asset Management Divisions of CIBC World Markets Corp. in 2003. The Company will pay the par value of the Debentures ($160,822,400) in cash plus accrued interest. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company has obtained a commitment from Morgan Stanley Senior Funding, Inc. to provide senior secured credit facilities in the amount of $125 million at a variable interest rate based on the London Interbank Offering Rate (LIBOR) with a seven-year term. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The repurchase transaction as well as the senior facility funding is subject to the completion of due diligence, applicable regulatory approvals, delivery of definitive documentation and other customary closing conditions and is scheduled to close on or around July 31, 2006.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company also announced today that on June 5, 2006, Oppenheimer &amp; Co. Inc. (&#147;Oppenheimer&#148;), the Company&#146;s primary operating subsidiary, received an invitation from the New York Stock Exchange (the &#147;NYSE&#148;) to make a &#147;Wells Submission&#148; (a formal response to a request from a regulator that describes why an action should not be brought) with respect to its activities as a broker/dealer and as a clearing firm in connection with allegedly improper market timing of mutual funds by several former employees. Oppenheimer is in the process of preparing a response. &nbsp;</P>
<P style="margin:0pt; 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"><B>SECTION 9 &#150; FINANCIAL STATEMENTS AND EXHIBITS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ITEM 9.01. &nbsp;Financial Statements and Exhibits</B></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">Exhibit Reference</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=75.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Number</P>
</TD><TD width=550.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit Description</P>
</TD></TR>
<TR><TD width=75.067><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD><TD width=550.533><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD width=75.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">99.1</P>
</TD><TD width=550.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. press release, dated June 16, 2006.</P>
</TD></TR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; 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>SIGNATURES</B></P>
<P style="margin:0pt; 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, thereunto duly authorized. </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"><B>Oppenheimer Holdings Inc. </B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=519.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Date: June 16, 2006</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><I><BR></I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>By: &quot;E.K. Roberts&quot;</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>---------------------------------</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>E.K. Roberts</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>President and Treasurer</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>(Duly Authorized Officer and</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Principal Financial Officer)</I></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<TITLE>EXHIBIT 99</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/16/2006">
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<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT 99.1</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>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=570 colspan=2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PRESS RELEASE</P>
</TD></TR>
<TR><TD valign=top width=348>&nbsp;</TD><TD valign=top width=222><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>NYSE and TSX &#150; OPY</P>
</TD></TR>
<TR><TD valign=top width=570 colspan=2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Oppenheimer Holdings Announces Intention to Refinance its Variable Rate Exchangeable Debentures</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><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=justify>NEW YORK and TORONTO, June 16, 2006. Oppenheimer Holdings Inc. (the &#147;Company&#148;) announced today that it has entered into a letter of intent with Canadian Imperial Bank of Commerce (&#147;CIBC&#148;) to buy back, in full, the First and Second Variable Rate Exchangeable Debentures (the &#147;Debentures&#148;) issued to CIBC as part of the consideration with respect to the acquisition from CIBC of the U.S. Private Client and Asset Management Divisions of CIBC World Markets Corp. purchased in 2003. The Company will pay the par value of the debentures ($160,822,400) in cash plus accrued interest. &nbsp;The transaction is scheduled to close on or around July 31, 2006. &nbsp;The Debentures are exchangeable for approximately 6.9 million Class A non-voting shares (&#147;Class A Shares&#148;) of the Company at the rate of $23.20 per share (approximately 35% of the Company&#146;s outstanding Class A Shares) and b
ear annual interest (payable semi-annually) of 4% in 2006 and 5% in 2007 until maturity on January 2, 2013. The Company has agreed to make a contingent payment to CIBC if prior to December 31, 2007, the Company enters into an agreement for the sale of substantially all of its assets or a majority of the Company&#146;s outstanding Class A Shares and Class B voting shares. &nbsp;&nbsp;The amount of the contingent payment would be based on the price per share realized by shareholders in any such transaction. &nbsp;Upon closing, the Stakeholders Agreement dated December 9, 2002 between the Company, Albert Lowenthal, CIBC and other parties and the Registration Rights Agreement dated January 2, 2003 between the Company and CIBC will be terminated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company has obtained a commitment from Morgan Stanley Senior Funding, Inc. to provide senior secured credit facilities in the amount of $125 million at a variable interest rate based on the London Interbank Offering Rate (LIBOR) with a seven-year term. The minimum principal repayments will equal 0.25% per quarter.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The repurchase transaction as well as the senior facility funding is subject to the completion of due diligence, applicable regulatory approvals, delivery of definitive documentation and other customary closing conditions. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In addition, the Company has established the Oppenheimer Holdings Inc. Select Incentive Plan, which will provide key executive, managerial and sales employees of the Company and its subsidiaries an opportunity to purchase plan interests representing up to $35 million of the Debentures, at par. The balance of the re-financing will be funded by internally available funds and an increase in bank call loans.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company believes that the significant reduction in dilution to its Class A Shares provided by this transaction will provide a benefit to its shareholders and employees that outweighs the cost of financing the Debenture repurchase.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company also announced today that on June 5, 2006, Oppenheimer &amp; Co. Inc. (&#147;Oppenheimer&#148;), the Company&#146;s primary operating subsidiary, received an invitation from the New York Stock Exchange (the &#147;NYSE&#148;) to make a &#147;Wells Submission&#148; (a formal response to a request from a regulator that describes why an action should not be brought) with respect to its activities as a broker/dealer and as a clearing firm in connection with allegedly improper market timing (not late trading) of mutual funds by several former employees. Oppenheimer is in the process of preparing a response. &nbsp;The Company has set aside reserves that it believes should address its financial exposure with respect to these matters. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company, through its principal subsidiary, Oppenheimer &amp; Co. Inc., is a U.S. financial services company offering a full range of financial products and services from 83 offices in 22 states and 2 foreign jurisdictions. In addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD division of Freedom, the Company offers online discount brokerage and dollar-based investing services.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>This press release may include certain &#147;forward-looking statements&#148; relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2005.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>-0-</I></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I><BR></I></P>
<P style="margin:0pt; line-height:16.85pt; font-family:Times New Roman; font-size:11pt">FOR FURTHER INFORMATION:</P>
<P style="margin:0pt; line-height:16.85pt; font-family:Times New Roman; font-size:11pt">A.G. LOWENTHAL 212 668-8000 or</P>
<P style="margin:0pt; line-height:16.85pt; font-family:Times New Roman; font-size:11pt" align=justify>E.K. ROBERTS 416 322-1515 </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
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