-----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,
 RZ4uCiLlHES+3HUVkuClLRw/82JVbxhRKRb6m1x+IezrtAuLGrKdAVYX1a93QgRj
 LfMcE35XlpsIhGUxmPAbHg==

<SEC-DOCUMENT>0000791963-06-000009.txt : 20060629
<SEC-HEADER>0000791963-06-000009.hdr.sgml : 20060629
<ACCEPTANCE-DATETIME>20060629162026
ACCESSION NUMBER:		0000791963-06-000009
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060629
DATE AS OF CHANGE:		20060629

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:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		06934024

	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>11-K
<SEQUENCE>1
<FILENAME>af11k05.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Word Processing File</TITLE>
<META NAME="author" CONTENT="Carol Peart">
<META NAME="date" CONTENT="06/28/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>UNITED STATES</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>WASHINGTON, D.C. 20542</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>FORM 11-K</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>SECURITIES EXCHANGE ACT of 1934</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">[X]<B> </B>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">For the fiscal year ended December 31, 2005</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">OR</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">[ &nbsp;] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">For the transition period from --- to ---</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Commission File No. 1-12043</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">A. Full title of the plan and address of the plan, if different from that of the issuer named below:</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>OPPENHEIMER &amp; CO., INC. 401(k) PLAN</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>125 Broad Street<BR>
New York &nbsp;NY 10004<BR>
U.S.A.</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>OPPENHEIMER HOLDINGS INC.<BR>
Suite 1110, P.O. Box 2015<BR>
20 Eglinton Avenue West<BR>
Toronto ON M4R 1K8<BR>
Canada</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">_____________________________________________________________________</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center>REQUIRED INFORMATION</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Item 1. Not applicable</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Item 2. Not applicable</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Item 3. Not applicable</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Item 4. Financial Statements and Supplemental Information</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:12pt">Item 4. Financial Statements and Supplemental Information</P>
<P style="margin:0pt; line-height:26pt; font-family:Arial; font-size:12pt"><BR>
<B><BIG><BIG>Oppenheimer &amp; Co. Inc.</BIG></BIG></B></P>
<P style="margin:0pt; line-height:26pt; font-family:Arial; font-size:24pt"><B>401(k) Plan</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>Financial Statements and Supplemental Schedule</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>December&nbsp;31, 2005 and 2004</B></P>
<P style="margin:0pt; font-family:Arial; font-size:14pt"><B><BR></B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin-top:0pt; margin-bottom:18pt; padding-bottom:3pt; line-height:14pt; font-family:Arial; font-size:12pt; border-bottom:0.75pt solid #000000"><B>Index<BR>
December 31, 2005 and 2004</B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=right><B>Page(s)</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Report of Independent Registered Public Accounting Firm</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:462.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Financial Statements</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Statements of Net Assets Available for Benefits</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:462.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">2</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Statement of Changes in Net Assets Available for Benefits</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:462.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Notes to Financial Statements</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:454.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4&#150;8</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Supplemental Schedule*</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schedule of Assets (Held at End of Year)</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:462.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:11pt; text-indent:-11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">*</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">All other schedules required by 29 CFR 2520.103-10 of the Department of Labor&#146;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 are not included because they are not applicable.</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:7pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:27.5pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Report of Independent Registered Public Accounting Firm</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">To the Participants and Administrator of the Oppenheimer &amp; Co. Inc. 401(k) Plan</P>
<A NAME="StartText"></A><P style="margin-top:0pt; margin-bottom:11pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Oppenheimer &amp; Co. Inc. 401(k) Plan (the &#147;Plan&#148;) at December&nbsp;31, 2005 and 2004, and the changes in net assets available for benefits for the year ended December&nbsp;31, 2005 in conformity with accounting principles generally accepted in the United States of America. &nbsp;These financial statements are the responsibility of the Plan&#146;s management. &nbsp;Our responsibility is to express an opinion on these financial statements based on our audits. &nbsp;We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards r
equire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. &nbsp;An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. &nbsp;We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. &nbsp;The supplemental Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor&#146;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. &nbsp;This supplemental schedule is the responsibility of the Plan&#146;s management. &nbsp;The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">PricewaterhouseCoopers LLP</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">New York, NY</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">June 26, 2006</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Arial; font-size:14pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=565.2 colspan=4><P style="margin:0pt; font-family:Arial; font-size:14pt"><B><BR></B></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Statements of Net Assets Available for Benefits</B></P>
<P style="margin-top:0pt; margin-bottom:18pt; padding-bottom:3pt; line-height:14pt; font-family:Arial; font-size:12pt; border-bottom:0.75pt solid #000000"><B>December 31, 2005 and 2004</B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>2005</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Assets</B></P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Cash</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$312,234</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$281,210</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Investments, at fair value</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>140,071,492</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>126,364,716</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Life insurance policies</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>490,815</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>483,420</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Contributions receivable from employer</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>4,138,448</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>3,149,391</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Loans receivable from participants</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>2,671,128</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>2,873,940</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Other receivable</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>384,170</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>372</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$148,068,287</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$133,153,049</P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Liabilities</B></P>
</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Investment trades payable, net</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$505,714</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$185,659</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Administrative expenses payable</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>3,201</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,423</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Other payable</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>49,290</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>526</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>558,205</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>191,608</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets available for benefits</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$147,510,082</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$132,961,441</P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:9.15pt; margin-bottom:5.5pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these financial statements.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Statement of Changes in Net Assets Available for Benefits</B></P>
<P style="margin-top:0pt; margin-bottom:18pt; padding-bottom:3pt; line-height:14pt; font-family:Arial; font-size:12pt; border-bottom:0.75pt solid #000000"><B>Year Ended December 31, 2005</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=481.2>&nbsp;</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Additions to net assets attributed to</B></P>
</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Net realized and unrealized loss on investments</P>
</TD><TD valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$(46,215)</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Dividends</P>
</TD><TD valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,723,360</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Interest</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>510,006</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>6,187,151</P>
</TD></TR>
<TR><TD valign=top width=481.2>&nbsp;</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Contributions </P>
</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Participants</P>
</TD><TD valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>17,499,276</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Employer</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>4,138,448</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>21,637,724</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>27,824,875</P>
</TD></TR>
<TR><TD valign=top width=481.2>&nbsp;</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Deductions from net assets attributed to</B></P>
</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Benefits paid to participants</P>
</TD><TD valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>13,264,276</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Administrative expenses</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>11,958</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>13,276,234</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>14,548,641</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Net assets available for benefits</B></P>
</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Beginning of year</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>132,961,441</P>
</TD></TR>
<TR><TD valign=top width=481.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">End of year</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=101.067><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$147,510,082</P>
</TD></TR>
<TR><TD valign=top width=481.2>&nbsp;</TD><TD valign=top width=101.067>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:9.15pt; margin-bottom:5.5pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of these financial statements.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>3</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><B>Notes to Financial Statements</B></P>
<P style="margin-top:0pt; margin-bottom:18pt; padding-bottom:3pt; line-height:14pt; font-family:Arial; font-size:12pt; border-bottom:0.75pt solid #000000"><B>December 31, 2005 and 2004</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>1. Description of the Plan</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following description of the Oppenheimer &amp; Co., Inc. 401(k) Plan (the &#147;Plan&#148;) provides only general information. &nbsp;Participants should refer to the plan agreement for a more complete description of the Plan&#146;s provisions.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>General</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan was established on January<A NAME="OLE_LINK1"></A>&nbsp;1, 1987 and was amended and restated to add a profit-sharing provision effective January&nbsp;1, 1991. &nbsp;The Plan was subsequently amended effective January&nbsp;1, 1998 to change the rates used in computing the discretionary profit sharing contribution from Oppenheimer &amp; Co., Inc. (the &#147;Company&#148;).</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Effective January&nbsp;1, 1999, employees of the First of Michigan Division of the Company became eligible to participate in the Plan.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Effective July&nbsp;1, 2002, the following plans were merged into the Plan:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">First of Michigan A Division Oppenheimer &amp; Co., inc. Capital Accumulation 401(k) Plan</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Josepthal &amp; Co., Inc. Employee Savings Plan</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Prime Charter Limited Tax Deferred Savings Plan</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Buy&amp;Hold.com Inc. 401(k) Retirement Plan</FONT></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan document was amended effective July&nbsp;1, 2002. &nbsp;Nationwide Trust Company was appointed as trustee and The 401(k) Company was hired to administer the Plan.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan document was amended effective September&nbsp;2, 2003 to change the name of the Plan and, effective from the plan year ending December&nbsp;31, 2005, to change the rates used in computing the discretionary profit sharing contributions from the Company.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Employees of the Company who have completed one year of service shall be eligible to receive an allocation of the discretionary profit sharing contribution. &nbsp;Employees of the Company who are at least 18 years of age shall be eligible to make elective deferrals into the Plan.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Allocation Provisions</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Under the terms of the Plan, each participant makes all investment decisions with respect to his/her account balance, subject to available investment alternatives. &nbsp;Participants should refer to the respective fund prospectus for a more complete description of the investment objectives. &nbsp;As of December&nbsp;31, 2005 these investment alternatives were Advantage Primary Liquidity Fund, PIMCO Total Return Fund, Delaware Group Real Estate Investment Trust, Washington Mutual Investors Fund, Growth Fund of America, Lord Abbett Mid Cap Value Fund, Artisan Mid Cap Fund, Wells Fargo Advantage Small Cap Value Fund, AIM Small Cap Growth Fund, Oppenheimer Global Fund, MFS International New Discovery Fund, Templeton Foreign Fund, </P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>4</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">SEI Stable Asset Fund, State Street S&amp;P 500 Index Fund and Common Stock of Oppenheimer Holdings, Inc.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Life insurance policies represent an election that was available to participants in a legacy plan. &nbsp;Effective July 1, 2002 this investment option ceased for new and existing participants of the Plan.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Contributions</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company may contribute to the Plan a discretionary profit-sharing amount (the &#147;Employer Regular Contribution&#148;). &nbsp;The Employer Regular Contribution is determined by its Board of Directors and is subject to guidelines set forth in the Plan agreement.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Employer Regular Contributions for the year ending December&nbsp;31, 2005 were determined as follows:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">1.5% of the first $30,000 of a participant&#146;s compensation;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">3.0% of the next $10,000 of a participant&#146;s compensation;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">2.75% of the next $25,000 of a participant&#146;s compensation;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">2.75% of the next $35,000 of a participant&#146;s compensation;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">1.5% of the next $60,000 of a participant&#146;s compensation; and</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">0% above $160,000 of a participant&#146;s compensation.</FONT></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">If participants elect to receive their Employer Regular Contributions in the form of common stock of Oppenheimer Holdings Inc. (&#147;Holdings&#148;), the Company may make an additional contribution of Holdings common stock equal to 15% of the Employer Regular Contribution (the &#147;Employer Stock Contribution&#148;) at the discretion of the Board of Directors.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Employees may make salary deferral contributions of up to 50% of compensation. &nbsp;Current law limits participant deferrals to $14,000 for the plan year ended December&nbsp;31, 2005.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Vesting</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">All participants are immediately and fully vested in all Employee Elective Deferrals and the income derived from the investment of such contributions.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Participants will be vested in Employer Regular Contributions plus the income thereon upon the completion of service with the Company or an affiliate at the following rate:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Years or Service</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:348.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Vested Percentage</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">Less than 3 years</FONT></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; padding-left:18pt; text-indent:396.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">0%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">3 years but less than 4</FONT></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; padding-left:18pt; text-indent:390.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">20%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">4 years but less than 5</FONT></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; padding-left:18pt; text-indent:390.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">40%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">5 years but less than 6</FONT></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; padding-left:18pt; text-indent:390.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">60%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">6 years but less than 7</FONT></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; padding-left:18pt; text-indent:390.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">80%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt">&#183; &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;&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;&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:28.8pt; line-height:13pt; font-family:Symbol; font-size:11pt"><FONT FACE="Times New Roman">7 years or more</FONT></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:18pt; text-indent:385.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">100%</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>5</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">All years of service with the Company or an affiliate are counted to determine a participant&#146;s nonforfeitable percentage except years of service before the Plan was restated in 1991. &nbsp;Participants will be 100 percent vested in the additional portion of the Employer Stock Contributions only upon completion of 5 years service.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">At December&nbsp;31, 2005, forfeited nonvested accounts totaled approximately $335,510. &nbsp;These accounts will be used to reduce future employer contributions.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Company Qualified Matching and Qualified Non-Elective Contributions as defined in the Plan document, if required, are fully vested when made. &nbsp;No payments under these provisions were required during the year ended December&nbsp;31, 2005.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Notwithstanding the vesting schedules specified above, with respect to retirement, a participant&#146;s right to his or her accounts will be nonforfeitable upon the attainment of: &nbsp;the later of age 65 or the fifth anniversary of the participation commencement date; death; or disability, as defined.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Payment of Benefits</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Payment of vested benefits under the Plan will be made in the event of a participant&#146;s termination of employment, death, retirement, or financial hardship and may&nbsp;be paid in either a lump-sum distribution or over a certain period of time as determined by IRS rules or by participant election.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Loans to Participants</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Loans are made available to all participants and must be adequately collateralized using not more than fifty percent of the participant&#146;s vested account balance. &nbsp;Loans bear an interest rate of the applicable Treasury rate based on the length of loans plus 4%, except for loans inherited from legacy plans. &nbsp;Loan principal and interest repayments are reinvested in accordance with the participant&#146;s current investment selection.</P>
<P style="margin:0pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Income Tax Status</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan received a determination letter on October&nbsp;30, 2002, from the Internal Revenue Service (IRS) qualifying the Plan under the IRS code as exempt from Federal income taxes. &nbsp;The Plan has been amended since receiving the determination letter. &nbsp;However, the Plan administrator believes that the Plan continues to be designed and operated in compliance with the applicable requirements of the Internal Revenue Code.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>2. Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Securities transactions are recorded on a trade date basis with gains and losses reflected in income. &nbsp;Interest and dividend income are recorded on an accrual basis.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Investments are stated at fair value, based on quoted market prices for valuation of common stock, debt obligations, and mutual funds. &nbsp;Assets held in money market accounts are valued at cost which approximates fair value.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Benefits are recorded when paid.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expenses related to loan origination and maintenance are paid to the administrator.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>6</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Life insurance policies are recorded at cash surrender value which approximates fair value. &nbsp;Changes in cash surrender value due to dividend additions are recorded in dividend income in the Statement of Changes in Net Assets Available for Benefits.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan presents in the statement of changes in net assets available for benefits the net appreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of additions and contribution to, and deductions from net assets during the reporting period. &nbsp;Actual results could differ from those estimates.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Plan provides for various investment options in any combination of stocks, bonds, fixed income securities, mutual funds, and other investment securities. &nbsp;Investment securities are subject to interest rate, market, foreign exchange and credit risks.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Due to the risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the near term could materially affect participants&#146; account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>3. Concentration of Investments</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following investments represent 5% or more of net assets available for plan benefits as of December&nbsp;31, 2005:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=304.8>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Market Value</P>
</TD><TD valign=top width=132><P style="margin-top:9.15pt; margin-bottom:0pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Percent of Net Assets Available for Plan Benefits</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Growth Fund of America</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">$24,154,232</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>16.37%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Washington Mutual Investors Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">18,200,254</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>12.34%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Advantage Primary Liquidity Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">14,483,289</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>9.82%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Holdings Inc. &#150; Common Stock</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">14,182,185</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>9.61%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Global Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">10,323,765</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>7.00%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">PIMCO Total Return Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">10,024,432</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>6.80%</P>
</TD></TR>
<TR><TD valign=top width=304.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Wells Fargo Advantage Small Cap Value Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">7,901,117</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>5.36%</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">During 2005, the Plan&#146;s investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value by $46,215 as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=412.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Mutual funds</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$4,037,362</P>
</TD></TR>
<TR><TD valign=top width=412.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(4,083,577)</P>
</TD></TR>
<TR><TD valign=top width=412.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total depreciation of Plan&#146;s investments</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$(46,215)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>7</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>4. Plan Termination</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 (&#147;ERISA&#148;). &nbsp;In the event of Plan termination, participants will become 100% vested in all employer contributions and related investment earnings.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; text-indent:-28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>5. Reconciliation of Financial Statements to Form 5500</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=412.8>&nbsp;</TD><TD valign=top width=144><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>December 31, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=412.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Net assets available per the financial statements</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$147,510,082</P>
</TD></TR>
<TR><TD valign=top width=412.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Less: Amounts allocated to withdrawing participants</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=144><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>(4,105)</P>
</TD></TR>
<TR><TD valign=top width=412.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets available for benefits per the Form 5500</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=144><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$147,505,977</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=436.8>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Year ended December 31, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Benefits paid to participants per the financial statements</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$13,264,276</P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Add: </P>
</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants at December 31, 2005</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>4,105</P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Less:</P>
</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants at December 31, 2004</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>4,041</P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Corrective distributions</P>
</TD><TD valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>10,542</P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Insurance premiums paid</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>14,862</P>
</TD></TR>
<TR><TD valign=top width=436.8><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Benefits paid to participants per Form 5500</P>
</TD><TD style="border-bottom:2.25pt solid #000000" valign=top width=120><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$13,238,936</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December&nbsp;31, 2005 but not yet paid as of that date.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>8</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Schedule of Assets (Held at End of Year)</B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Schedule H, Line 4i</B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>December 31, 2005</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Description</B></P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><B>Fair or Stated Value</B></P>
</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Holdings Inc. Common Stock*</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$14,182,185</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Advantage Primary Liquidity Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>14,483,289</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">SEI Stable Asset Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,479,143</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">AIM Small Cap Growth Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,529,086</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Artisan Mid Cap Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>2,647,496</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Delaware Group Real Estate Investment Trust</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>3,896,863</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Growth Fund of America</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>24,154,232</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Lord Abbett Mid Cap Value Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>6,343,861</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">MFS International New Discovery Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,520,270</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Global Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>10,323,765</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">PIMCO Total Return Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>10,024,432</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">State Street S&amp;P 500 Index Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,959,512</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Wells Fargo Advantage Small Cap Value Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>7,901,117</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Templeton Foreign Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>5,425,987</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Washington Mutual Investors Fund</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>18,200,254</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Life Insurance Policies &#150; Cash Surrender Value</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>490,815</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>140,562,307</P>
</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Number</B></P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Interest</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Maturity</B></P>
</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>of Loans</B></P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Rates</B></P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><B>Dates</B></P>
</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Loans to participants*</P>
</TD><TD valign=top width=78><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>316</P>
</TD><TD valign=top width=66><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>3.5-9.52%</P>
</TD><TD valign=top width=72><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center>Jan.2006 &#150; June 2032</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>2,671,128</P>
</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets held for investment</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$143,233,435</P>
</TD></TR>
<TR><TD valign=top width=283.2>&nbsp;</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
<TR><TD valign=top width=283.2><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">*Denotes party in interest</P>
</TD><TD valign=top width=78>&nbsp;</TD><TD valign=top width=66>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=96>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:5pt; margin-bottom:5pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>9</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.</P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER &amp; CO., INC. 401(k) PLAN</P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ A.G. Lowenthal</P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Albert G. Lowenthal, as Chairman and CEO of<BR>
Oppenheimer &amp; Co. Inc., the Plan Administrator</P>
<P style="margin-top:5pt; margin-bottom:5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Robert Neuhoff</P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Robert Neuhoff, as Executive Vice-President of<BR>
Oppenheimer &amp; Co. Inc., the Plan Administrator</P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: June 28, 2006</P>
<P style="margin-top:5pt; margin-bottom:5pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>10</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>EXHIBIT INDEX</B></P>
<P style="margin-top:5pt; margin-bottom:5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit 23 &nbsp;- Consent of Independent Registered Public Accounting Firm</P>
<P style="margin-top:6pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;</U></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>11</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>f2005oppenheimerconsent401k1.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Consent in Form 11-K </TITLE>
<META NAME="author" CONTENT="WPULLANO001">
<META NAME="date" CONTENT="06/29/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<A NAME="_Toc89518846"></A><A NAME="_Toc93378323"></A><A NAME="_Toc93378408"></A><P style="margin-top:6pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No.333-129390) of <B>&nbsp;</B>Oppenheimer Holdings Inc. of our report dated June 26, 2006 relating to the financial statements of the Oppenheimer &amp; Co. Inc. 401(k) Plan, which appears in this Form 11-K.</P>
<P style="margin-top:0pt; margin-bottom:12pt; 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">PricewaterhouseCoopers LLP</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, New York</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 29, 2006</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
