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<SEC-DOCUMENT>0000791963-06-000013.txt : 20061023
<SEC-HEADER>0000791963-06-000013.hdr.sgml : 20061023
<ACCEPTANCE-DATETIME>20061023165137
ACCESSION NUMBER:		0000791963-06-000013
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060731
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20061023
DATE AS OF CHANGE:		20061023

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		061158231

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>f8k102306.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="10/23/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><B><U><BR></U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Washington, D.C. 20549</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K/A</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Amendment No. 1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PURSUANT TO SECTION 13 OR 15(d)</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (date of earliest event reported): July 31, 2006</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><I>Commission File Number 1-12043</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=512><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98-0080034</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(State or other jurisdiction &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS employer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">of incorporation) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;identification no.)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PO Box 2015, Suite 1110</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20 Eglinton Avenue West</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Toronto Ontario Canada &nbsp;&nbsp;M4R 1K8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(416) 322-1515</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Registrant&#146;s telephone number, including area code)</P>
</TD></TR>
<TR><TD width=512><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD width=512>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:7.5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SECTION 1 &#150; REGISTRANT&#146;S BUSINESS AND OPERATIONS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 1.01. &nbsp;Entry into a Material Definitive Agreement.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><B><BR></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On October 23, 2006, pursuant to a Securities Purchase Agreement dated July 31, 2006 (the &#147;Repurchase Agreement&#148;) with the Canadian Imperial Bank of Commerce (&#147;CIBC&#148;), Oppenheimer Holdings Inc. (the &#147;Company&#148;) through its wholly-owned subsidiary, E.A. Viner International Co. (&#147;Viner&#148;), repurchased an aggregate principal amount of US$20,000,000 of the variable rate exchangeable debentures issued by Viner to CIBC in 2003 as part of the consideration for the acquisition of CIBC&#146;s U.S. private client and asset management divisions, at par plus accrued interest of US$257,778 and a fee of $116,667. &nbsp;The Company has now repurchased and retired all of the outstanding debentures issued in 2003. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The funds required to consummate the above transaction came from internally available funds and existing bank call loan facilities. &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2</P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:7.5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SECTION 9 &#150; FINANCIAL STATEMENTS AND EXHIBITS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ITEM 9.01. &nbsp;Financial Statements and Exhibits</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d) Exhibits</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit Reference</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=75.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Number</P>
</TD><TD width=550.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit Description</P>
</TD></TR>
<TR><TD width=75.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">99.1</P>
</TD><TD width=550.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Press Release, dated October 23, 2006.</P>
</TD></TR>
<TR><TD width=75.067><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">99.2</P>
</TD><TD width=550.533><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Press Release, dated October 10, 2006. &nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3</P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:7.5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Oppenheimer Holdings Inc. </B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=519.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Date: October 23, 2006</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><I><BR></I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>By: &#147;E.K. Roberts&#148;</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>---------------------------------</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>E.K. Roberts</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>President and Treasurer</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>(Duly Authorized Officer and</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Principal Financial Officer)</I></P>
</TD></TR>
</TABLE>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4</P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:7.5pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 23, 2006
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>EXHIBIT 99</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="10/23/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT 99.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PRESS RELEASE</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Oppenheimer Retires Remaining Exchangeable Debentures</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>October 23, 2006. Toronto and New York. &nbsp;&nbsp;Today, Oppenheimer Holdings Inc. (OPY on the NYSE and TSX) announced that it repurchased from Canadian Imperial Bank of Commerce (&#147;CIBC&#148;) the remaining $20 million of the outstanding variable rate exchangeable debentures issued by the Company's wholly-owned subsidiary E. A. Viner International Inc. (&quot;Viner&quot;) to CIBC as part of the consideration for the acquisition of CIBC's U.S. Private Client and Asset Management Divisions in 2003. &nbsp;These debentures were exchangeable for 862,069 Class A non-voting shares of the Company (approximately 6% of the Class A Shares on a fully diluted basis) on January 2, 2013 at the rate of $23.20 per share. &nbsp;The redemption has been funded by internally available funds and existing bank call loan facilities. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company, through its principal subsidiaries, Oppenheimer &amp; Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a full range of financial services from 82 offices in 21 states and 2 foreign jurisdictions. In addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD division of Freedom, the Company offers online discount brokerage and dollar-based investing services.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>This press release includes certain &#147;forward-looking statements&#148; relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2005 and to the Company&#146;s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006.</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:18.2pt; font-family:Times New Roman; font-size:12pt" align=center>FOR FURTHER INFORMATION:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A.G. LOWENTHAL - (212) 668-8000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.K. ROBERTS - (416) 322-1515</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 10, 2006
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>EX 99</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="10/23/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EX 99.2</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PRESS RELEASE</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Oppenheimer Announces its Intention to Redeem $20 million of Exchangeable Debentures Through Use of Internal Funds</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>October 10, 2006. New York and Toronto. Oppenheimer Holdings Inc. (OPY on the NYSE and TSX) today announced its intention to redeem $20 million of its Variable Rate Exchangeable Debentures (the &#147;Debentures&#148;) by October 31<SUP>st</SUP>, and to fund the redemption through internally available funds and existing bank loan facilities. This redemption was previously announced in July, although at that time it was believed that the Debentures would be placed with an employee plan created for that purpose. The Company reviewed a number of alternative structures for the placement of the Debentures with employees, but due to a number of accounting and tax issues was not able to find a structure that was attractive from an investment point of view for its employee group. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Debentures were issued in 2003 as part of the consideration with respect to the Company&#146;s acquisition of the U.S. Private Client and Asset Management Divisions of CIBC World Markets Inc. The Company will pay CIBC, in cash, the par value of the Debentures ($20,000,000) plus accrued interest for the period from July 31, 2006 to the date the Debentures are redeemed, and a fee of $125,000. The transaction is subject to delivery of definitive documentation, and receipt of applicable regulatory approvals and is scheduled to close not later than October 31, 2006. The Debentures are exchangeable for approximately 862,069 Class A Shares at the rate of $23.20 per share (approximately 6.8% of the Company&#146;s outstanding Class A Shares) and bear annual interest (payable semi- annually) of 4% in 2006 and 5% in 2007 until maturity on January 1, 2013.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The Company has determined that it is advantageous to fund the extinguishment of the remaining Debentures internally and with existing bank loan facilities versus obtaining external financing due to lower annual interest costs and the benefit to shareholders from a reduction in the dilution of the Company&#146;s Class A Shares.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer Holdings Inc., through its principal subsidiaries, Oppenheimer &amp; Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a full range of services from 82 offices in 21 states and 2 foreign jurisdictions. In addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD division of Freedom, the Company offers online discount brokerage and dollar-based investing services.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>Certain statements in this release may constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the Company&#146;s filings with the Securities and Exchange Commission.</I></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For further information, please contact</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dennis P. McNamara, Esq. (212) 668-8000</P>
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