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<SEC-DOCUMENT>0000791963-08-000006.txt : 20080627
<SEC-HEADER>0000791963-08-000006.hdr.sgml : 20080627
<ACCEPTANCE-DATETIME>20080627161341
ACCESSION NUMBER:		0000791963-08-000006
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080627
DATE AS OF CHANGE:		20080627

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:		08922805

	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>f11k07.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>_________________________________________________</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/25/2008">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>_________________________________________________</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>UNITED STATES</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>WASHINGTON, D.C. 20549</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FORM 11-K</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>SECURITIES EXCHANGE ACT of 1934</P>
<P style="margin:0pt; 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">[X]<B> </B>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">For the fiscal year ended December 31, 2007</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">OR</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">[ &nbsp;] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">For the transition period from --- to ---</P>
<P style="margin:0pt; 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">Commission File No. 1-12043</P>
<P style="margin:0pt; 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">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:13pt; font-family:Times New Roman; font-size:11pt" align=center>OPPENHEIMER &amp; CO., INC. 401(k) PLAN</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>125 Broad Street<BR>
New York &nbsp;NY 10004<BR>
U.S.A.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:13pt; font-family:Times New Roman; font-size:11pt" 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:13pt; font-family:Times New Roman; font-size:11pt">_____________________________________________________________________</P>
<P style="margin:0pt; 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>REQUIRED INFORMATION</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. Not applicable</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 2. Not applicable</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3. Not applicable</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt">Item 4. Financial Statements and Supplemental Information</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<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:Times New Roman; font-size:12pt"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 4. Financial Statements and Supplemental Information</P>
<P style="margin:0pt; 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" 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:11pt" align=center>Financial Report</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2007</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<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: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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt">Oppenheimer &amp; Co. Inc. 401(k) Plan</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align=right>Contents</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Report Letter</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:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Statement of Net Assets Available for Plan 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 Plan 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"><A NAME="OLE_LINK1"></A>4&#150;9</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:419.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schedule 1</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schedule of Nonexempt Transactions</P>
<P style="margin-top:0pt; margin-bottom:11pt; text-indent:419.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Schedule 2</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; font-family:Arial; font-size:7pt"><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><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 the Administrator</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Oppenheimer &amp; Co. Inc.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;401(k) Plan </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:8.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have audited the accompanying statement of net assets available for plan benefits of Oppenheimer &amp; Co. Inc. 401(k) Plan as of December&nbsp;31, 2007 and 2006 and the related statement of changes in net assets available for plan benefits for the years then ended. &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;</P>
<P style="margin-top:0pt; margin-bottom:8.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). &nbsp;Those standards require that we plan and perform the audits 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. &nbsp;An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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:8.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan as of December&nbsp;31, 2007 and 2006 and the changes in net assets for the years then ended, in conformity with accounting principles generally accepted in the United States of America.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. &nbsp;The supplemental schedules of assets held at end of year as of December 31, 2007 and nonexempt transactions for the year ended December 31, 2007 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. &nbsp;The supplemental schedules are the responsibility of the Plan&#146;s management. &nbsp;The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as
 a whole.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>/s/ Plante &amp; Moran, PLLC</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Southfield, Michigan</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">June 27, 2008</P>
<P style="margin-top:0pt; margin-bottom:25.2pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:25.2pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:25.2pt; line-height:14.5pt; 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" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14.5pt; font-family:Arial; font-size:11pt" align=center><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:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Statement of Net Assets Available for Plan Benefits</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=213 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2007</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2006</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Participant-directed investments:</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market fund</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$22,269,461</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$18,255,525</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>135,749,068</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>122,101,655</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common collective funds</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>14,794,690</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>13,492,071</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. &#150; Common stock</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>33,865,432</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25,633,698</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value life insurance policies</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>540,985</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>502,418</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant loans</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,349,107</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:13pt; font-family:Times New Roman; font-size:11pt" align=right>2,936,216</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>210,568,743</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>182,921,583</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Contributions receivable:</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,931,384</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,119,321</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>684</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions receivable</P>
</TD><TD style="border-top:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,931,384</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-top:0.75pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,120,005</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">&nbsp;&nbsp;&nbsp;Cash</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>314,841</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>674,747</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;Other receivable</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>112,247</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>46,257</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;&nbsp;Total assets</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>216,927,215</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>188,762,592</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><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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Investment trades payable - Net</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>235,254</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>247,135</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Participant loans payable</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>-</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,886</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Other payable</P>
</TD><TD style="border-bottom:0.75pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>386</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:13pt; font-family:Times New Roman; font-size:11pt" align=right>3,565</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>235,640</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>254,586</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>Net Assets at Fair Value</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>216,691,575</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>188,508,006</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>Adjustment from Fair Value to Contract Value for</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:13pt; font-family:Times New Roman; font-size:11pt"><B>&nbsp;&nbsp;&nbsp;Interest in Common Collective Trust Funds </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:13pt; font-family:Times New Roman; font-size:11pt"><B>&nbsp;&nbsp;&nbsp;Relating to Fully Benefit-Responsive Investment</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:13pt; font-family:Times New Roman; font-size:11pt"><B>&nbsp;&nbsp;&nbsp;Contracts</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>203,555</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>180,641</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Net Assets Available for Plan Benefits</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><B>$216,895,130</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=101.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right><B>$188,688,647</B></P>
</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:13pt; font-family:Times New Roman; font-size:11pt">See Notes to Financial Statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; 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" align=center>2</P>
<P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; 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:11pt" align=center><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:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Statement of Changes in Net Assets Available for Plan Benefits</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=213 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Year Ended December 31</B></P>
</TD></TR>
<TR><TD valign=top width=352.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2007</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2006</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>Additions</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Contributions:</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$17,728,636</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$16,011,746</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5,584,093</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,808,238</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollover</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>2,126,034</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt 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>2,256,066</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25,438,763</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>23,076,050</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Investment income (loss):</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,804,800</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8,250,196</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest &#150; Participant loans</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>251,143</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>198,004</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (loss):</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(4,534,762)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8,382,341</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common collective fund</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>385,979</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>917,726</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. &#150; Common stock</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8,302,797</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,730,787</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;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>20,209,957</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>28,479,054</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>45,648,720</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>51,555,104</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>Deductions</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">&nbsp;&nbsp;&nbsp;Benefits paid to participants and beneficiaries</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>17,358,517</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,333,170</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;Administrative expenses</P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>62,704</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,083</P>
</TD></TR>
<TR><TD valign=top width=352.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Life insurance premium</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,016</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>30,286</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>17,442,237</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10,376,539</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:13pt; font-family:Times New Roman; font-size:11pt"><B>Net Increase in Net Assets Available for Plan Benefits</B></P>
</TD><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>28,206,483</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>41,178,565</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>Net Assets Available for Plan Benefits</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">&nbsp;&nbsp;&nbsp;Beginning of year</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>188,688,647</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>147,510,082</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:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;End of year</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$216,895,130</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=101.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>$188,688,647</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; 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">See Notes to Financial Statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Notes to Financial Statements</B></P>
<P style="margin-top:0pt; margin-bottom:16.5pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt; border-bottom:0.75pt solid #000000"><B>December 31, 2007 and 2006</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 1 - Description of the Plan </B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following description of 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-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>General</B> - The Plan is a defined contribution plan covering all eligible employees of Oppenheimer &amp; Co. Inc. (the &quot;Company&quot;). &nbsp;Employees of the Company who are at least 18 years of age shall be eligible to make elective deferrals into the Plan upon date of hire. &nbsp;Participants who have completed one year of service and are employed on the last day of the Plan Year shall be eligible to receive a discretionary profit-sharing contribution. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During the plan years ended December 31, 2007 and 2006, as permitted under the plan agreement, the Plan adopted new formulas used in computing the discretionary profit-sharing contributions from the Company. </P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Contributions</B> - Employees may make salary deferral contributions up to 50% of compensation, subject to tax deferral limitations established by the Internal Revenue Code.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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 the Company's 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:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Employer Regular Contributions for the years ended December 31, 2007 and 2006 were determined as follows:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">2.65% (2007) and 1.70% (2006) of the first $30,000 of a participant&#146;s compensation</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">3.50% (2007) and 3.35% (2006) of the next $10,000 of a participant&#146;s compensation</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">3.00% (2007) and 3.15% (2006) of the next $25,000 of a participant&#146;s compensation</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">3.00% (2007) and 3.00% (2006) of the next $35,000 of a participant&#146;s compensation</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">1.65% (2007) of the next $65,000 of a participant&#146;s compensation and 1.65% (2006) of the next $60,000 of a participant&#146;s compensation</FONT></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:58.5pt; text-indent:-18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:58.5pt; line-height:13pt; font-family:Symbol; font-size:11pt" align=justify><FONT FACE="Times New Roman">0% above $165,000 of a participant&#146;s compensation for 2007 and 0% above $160,000 of a participant&#146;s compensation for 2006</FONT></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>During 2006, if participants elected to receive their Employer Regular Contributions in the form of common stock of Oppenheimer Holdings Inc. (&#147;Holdings&#148;), the Company made 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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>4</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 1 - Description of the Plan (Continued)</B></P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Effective January 1, 2007, the Plan was amended and no longer allows for supplemental discretionary contributions including the Employer Stock Contribution.</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Participant Accounts </B>- Each participant's account is credited with the participant&#146;s contribution and allocations of the Company's contributions and plan earnings. &nbsp;The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. &nbsp;Participants may direct the investments of their account balances into various investment options offered by the Plan.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Vesting</B> - 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:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Years or Service</U> </P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; text-indent:212.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Vested Percentage</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Less than 3 years</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; text-indent:259.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>0%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3 years but less than 4</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; text-indent:254.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>20%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4 years but less than 5</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; text-indent:254.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>40%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5 years but less than 6</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; text-indent:254.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>60%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>6 years but less than 7</P>
<P style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; text-indent:254.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>80%</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>7 years or more</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:54pt; text-indent:248.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>100%</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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 five years service. </P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At December 31, 2007 and 2006, forfeited nonvested accounts totaled $488,833 and $387,944, respectively. &nbsp;These accounts will be used to reduce future employer contributions.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notwithstanding the vesting schedule specified above, a participant shall be 100% vested in his or her Employer Regular Contribution and Employer Stock Contribution upon the attainment of normal retirement age, death, or disability if still employed with the Company or an affiliate upon the occurrence of one of these events.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Payment of Benefits</B> - 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 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-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>5</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 1 - Description of the Plan (Continued)</B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Termination </B>- While 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 set forth in the plan document and the Employee Retirement Income Security Act of 1974 (ERISA). &nbsp;Upon termination, participants become 100 percent vested in their accounts.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Loans to Participants</B> - Loans are made available to all participants and must be adequately collateralized using not more than 50 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 percent, 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-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Party-in-interest Transaction</B> &#150; During 2007 there was a nonexempt transaction related to a prohibited loan to the Company. The Company repaid this loan in 2008 and remitted the interest associated with the loan to the Plan in 2008.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Administrative Expenses</B> - Certain plan expenses may be paid by the Company while other administrative expenses of the Plan are paid by the Plan as provided in the plan document.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 2 - Summary of Significant Accounting Policies</B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Basis of Accounting</B> - The Financial Accounting Standards Board Staff Position AAG INV-1 and SOP 94-4-1, <I>Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans</I>, requires the statement of net assets available for plan benefits present the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for plan benefits is prepared on a contract value basis. &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin:0pt; padding-left:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>6</P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 2 - Summary of Significant Accounting Policies (Continued)</B></P>
<P style="margin:0pt; padding-left:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Investment Valuation</B> -<B> </B>The Plan's investments are stated at fair value, except for a stable value common collective trust fund. &nbsp;Common collective trust funds that invest in fully benefit-responsive investment contracts (commonly known as stable value funds) are adjusted to contract value in the financial statements. &nbsp;Contract value represents investments at cost plus accrued interest income less amounts withdrawn to pay benefits. &nbsp;The fair value of the stable value common collective trust fund is based on discounting the related cash flows of the underlying guaranteed investment contracts based on current yields of similar instruments with comparable durations. &nbsp;The fair value of the remaining common collective trust fund is based on the quoted market values of the underlying investments. &nbsp;Life insurance contracts are stated at cash surrender value as
 provided in the policies, which approximate fair value. &nbsp;The money market fund and participant loans are valued at their outstanding balances, which approximate fair value. &nbsp;All other investments are valued based on quoted market prices.</P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Benefit Payments </B>- Benefits are recorded when paid.</P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Use of Estimates </B>- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities. &nbsp;Actual results could differ from those estimates.</P>
<P style="margin:0pt; padding-left:40.5pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:40.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Risk and Uncertainties </B>- The Plan invests in various securities including mutual funds, common collective funds, and Oppenheimer Holdings Inc. common stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for plan benefits.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><B>New Accounting Pronouncement</B> - In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, <I>Fair Value Measurements</I> (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. The provisions of SFAS 157 are effective for the fiscal year beginning after November 15, 2007. The Plan Sponsor is currently evaluating the impact, if any, of the provisions of SFAS 157 on the Plan's financial statements.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>7</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt"><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 3 - Concentration of Investments</B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Significant individual investments of the Plan&#146;s net assets are separately identified as follows: &nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31,</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2007</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>December 31, 2006</P>
</TD></TR>
<TR><TD valign=top width=314.4 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Investments &#150; At fair value</P>
</TD><TD valign=top width=108>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467>&nbsp;</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; 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:13pt; font-family:Times New Roman; font-size:11pt" align=right>$28,996,207</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$27,159,551</P>
</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; 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" align=right>23,597,831</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>22,822,146</P>
</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; 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:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,269,461</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>18,255,525</P>
</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; 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:13pt; font-family:Times New Roman; font-size:11pt" align=right>33,865,432</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>25,633,698</P>
</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Oppenheimer Global Fund</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13,802,994</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12,583,858</P>
</TD></TR>
<TR><TD valign=top width=26.4>&nbsp;</TD><TD valign=top width=288><P style="margin:0pt; line-height:13pt; 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:13pt; font-family:Times New Roman; font-size:11pt" align=right>15,268,540</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=99.467><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>11,910,446</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 4 &#150; Tax Status</B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Plan received a determination letter from the Internal Revenue Service indicating that the Plan, as designed, is qualified for tax-exempt treatment under the applicable section of the Internal Revenue Code. &nbsp;Accordingly, no provision for income taxes has been made in the accompanying financial statements.</P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 5 - Reconciliation of Financial Statements to Form 5500</B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=310.667>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2007</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=106.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net assets available for plan benefits per the </P>
</TD><TD valign=top width=102.267>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.867>&nbsp;</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">financial statements</P>
</TD><TD valign=top width=102.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$216,895,130</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.867><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$188,688,647</P>
</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Less:</P>
</TD><TD valign=top width=102.267>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.867>&nbsp;</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing participants</P>
</TD><TD valign=top width=102.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(63,099)</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(539,587)</P>
</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Adjustment to fair value for stable value fund</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(203,555)</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=106.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>(180,641)</P>
</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets available for plan benefits</P>
</TD><TD valign=top width=102.267>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.867>&nbsp;</TD></TR>
<TR><TD valign=top width=310.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per Form 5500</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$216,628,476</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=106.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$187,968,419</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>8</P>
<P style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt"><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Note 5 - Reconciliation of Financial Statements to Form 5500 (Continued)</B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The following is a reconciliation of net increase in net assets available for plan benefits to participants per the financial statements to the Form 5500:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=311.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=226.467 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Year Ended December 31</P>
</TD></TR>
<TR><TD valign=top width=311.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2007</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=106.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2006</P>
</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net change in assets available for benefits per the</P>
</TD><TD valign=top width=102.4>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267>&nbsp;</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">financial statements</P>
</TD><TD valign=top width=102.4><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$28,206,483</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267><P style="margin:0pt; line-height:14.5pt; font-family:Times New Roman; font-size:11pt" align=right>$41,178,565</P>
</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Add &#150; Amounts allocated to withdrawing</P>
</TD><TD valign=top width=102.4>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267>&nbsp;</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participants at December 31, 2006 and 2005</P>
</TD><TD valign=top width=102.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>539,587</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4,105</P>
</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Less:</P>
</TD><TD valign=top width=102.4>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267>&nbsp;</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts allocated to withdrawing</P>
</TD><TD valign=top width=102.4>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267>&nbsp;</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;participants at December 31, 2007 and 2006</P>
</TD><TD valign=top width=102.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>63,099</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>539,587</P>
</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to fair value for stable value &nbsp;</P>
</TD><TD valign=top width=102.4>&nbsp;</TD><TD valign=top width=17.8>&nbsp;</TD><TD valign=top width=106.267>&nbsp;</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fund</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>22,914</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=106.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>180,641</P>
</TD></TR>
<TR><TD valign=top width=311.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income per Form 5500</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=102.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$28,660,057</P>
</TD><TD valign=top width=17.8>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=106.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>$40,462,442</P>
</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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, 2007 and 2006 but not yet paid as of that date.</P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>9</P>
<P style="margin-top:0pt; margin-bottom:11pt; padding-left:39.6pt; font-family:Humanst521 BT; font-size:12pt" align=right><BR>
<BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:39.6pt; font-family:Times New Roman; font-size:11pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Schedule of Assets Held at End of Year</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Form 5500, Schedule H, Item 4i</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>EIN 13-5657518, Plan Number 001</B></P>
<P style="margin-top:0pt; margin-bottom:22pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>December&nbsp;31, 2007</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=163.2><P style="margin:0pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align=center>(a) (b)</P>
<P style="margin:0pt; font-family:Times New Roman">Identity of Issuer, Borrower, Lessor, or Similar Party</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=300><P style="margin:0pt; font-family:Times New Roman" align=center>(c )</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Description of Investment including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>(d)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Cost</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=center>(e)</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Current Value</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300>&nbsp;</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Oppenheimer Holdings Inc.</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Oppenheimer Holdings Inc. &#150;Common Stock **</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>$33,865,432</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Reich &amp; Tang</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Advantage Primary Liquidity Fund &#150; Money Market Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>22,269,461</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">SEI Investments</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">SEI Stable Asset Fund &#150; Common Collective Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>7,893,004</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">State Street</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">State Street S&amp;P 500 Index Fund - Common Collective Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>6,901,686</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">AIM Investments</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">AIM Small Cap Growth Fund &#150; Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>7,174,480</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">AIM Investments</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">AIM Real Estate Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>4,663,487</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Artisan Investments</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Artisan Mid Cap Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>4,645,706</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">American Funds</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Growth Fund of America - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>28,996,207</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">EuroPacific</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">EuroPacific Growth Fund &#150; Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>2</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Lord Abbett &amp; Company</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Lord Abbett Mid Cap Value Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>7,188,917</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">MFS Investment Management</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">MFS International New Discovery Fund - Mutual </P>
<P style="margin:0pt; font-family:Times New Roman">Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>10,064,284</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Oppenheimer Funds Inc.</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Oppenheimer Global Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>13,802,994</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">PIMCO</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">PIMCO Total Return Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>15,268,540</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Wells Fargo</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Wells Fargo Advantage Small Cap Value Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>10,564,876</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Franklin Templeton</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Templeton Foreign Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>9,781,744</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Washington Mutual</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Washington Mutual Investors Fund - Mutual Fund</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>23,597,831</P>
</TD></TR>
<TR><TD valign=top width=163.2><P style="margin:0pt; font-family:Times New Roman">Insurance contracts</P>
</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000323</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>2,904</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000364</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>70,060</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000305</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>28,427</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000306</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>61,975</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000338</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>15,513</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000335</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>4,090</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000573</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>62,804</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000370</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>80,751</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000371</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>79,617</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000395</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>116,907</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000353</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>10,842</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Policy Number 4000347</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>*</P>
</TD><TD valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>7,095</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300>&nbsp;</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">Participant loans, with interest rates ranging from </P>
</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;3.50 &nbsp;percent to 9.24 percent</P>
</TD><TD valign=top width=39.467><P style="margin:0pt; font-family:Times New Roman" align=center>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right>3,349,107</P>
</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300>&nbsp;</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
<TR><TD valign=top width=163.2>&nbsp;</TD><TD valign=top width=300><P style="margin:0pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments</P>
</TD><TD valign=top width=39.467>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.733><P style="margin:0pt; font-family:Times New Roman" align=right><B>$210,568,743</B></P>
</TD></TR>
<TR><TD valign=top width=463.2 colspan=2><P style="margin:0pt; font-family:Times New Roman">* Cost information not required</P>
</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
<TR><TD valign=top width=463.2 colspan=2><P style="margin:0pt; font-family:Times New Roman">** Party-in-interest, as defined by ERISA</P>
</TD><TD valign=top width=39.467>&nbsp;</TD><TD valign=top width=87.733>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Schedule 1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1</P>
<P style="margin:0pt; font-family:Humanst521 XBd BT" align=right><B><BR>
<BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; 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:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Oppenheimer &amp; Co. Inc. 401(k) Plan</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Schedule of Nonexempt Transactions</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>Form 5500, Schedule G, PART iii</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>EIN 13-5657518, Plan Number 001</B></P>
<P style="margin-top:0pt; margin-bottom:22pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>December&nbsp;31, 2007</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.5pt solid #000000" valign=top width=311.533 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=center>(a) Identity of Party Involved</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=278.867 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=center>(b) Relationship to Plan, employer, or other party-in-interest</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=311.533 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=center>Oppenheimer &amp; Co. Inc.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=278.867 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=center>Plan Sponsor</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=590.4 colspan=4><P style="margin:0pt; font-family:Times New Roman" align=center>(c) Description of transactions including maturity date, rate of interest, collateral, par maturity value</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=590.4 colspan=4><P style="margin:0pt; font-family:Times New Roman" align=center>Prohibited loan to Oppenheimer &amp; Co. Inc.</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.4><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman">(d) Purchase price</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=152.133><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(e) Selling price</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=72.933><P style="margin:0pt; font-family:Times New Roman" align=center>(f) Lease rental/loan amount involved</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=205.933><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(g) Expenses incurred in connection with transaction</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.4><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=152.133><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=72.933><P style="margin:0pt; font-family:Times New Roman" align=center>$380,588</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=205.933><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.4><P style="margin:0pt; font-family:Times New Roman" align=center>(h) Cost of asset</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=152.133><P style="margin:0pt; font-family:Times New Roman" align=center>(l) Current value of asset</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=72.933><P style="margin:0pt; font-family:Times New Roman" align=center>(j) Net gain (loss) on each transaction</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=205.933>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=159.4><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=152.133><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=72.933><P style="margin:0pt; font-family:Times New Roman" align=center>$ -</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=205.933>&nbsp;</TD></TR>
</TABLE>
<P style="margin-top:0pt; margin-bottom:22pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:20pt; font-family:Times New Roman">Note : The above information was obtained directly from Form 5500, Schedule G Part III</P>
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<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman">Schedule 2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=center><B><BR></B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">OPPENHEIMER &amp; CO., INC. 401(k) PLAN</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/ A.G. Lowenthal</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Albert G. Lowenthal, as Chairman and CEO of<BR>
Oppenheimer &amp; Co. Inc., the Plan Administrator</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/ Robert Neuhoff</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Robert Neuhoff, as Executive Vice-President of<BR>
Oppenheimer &amp; Co. Inc., the Plan Administrator</P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: June 27, 2008</P>
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<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>EXHIBIT INDEX</B></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibit 23 - Consent of Independent Registered Public Accounting Firm</P>
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<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit23.htm
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<HEAD>
<TITLE>Exhibit 23</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="06/25/2008">
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<P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
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<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit 23</P>
<P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Consent of Independent Registered Public Accounting Firm</P>
<P style="margin-top:0pt; margin-bottom:6.5pt; font-family:Times New Roman; font-size:13pt" align=right><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>We consent to the incorporation by reference in the registration statement (No. 333-129390) on Form S-8 of our report dated June 27, 2008 appearing in the annual report on Form 11-K of Oppenheimer &amp; Co. Inc. 401(k) Plan for the year ended December 31, 2007.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Plante &amp; Moran, PLLC</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Southfield, Michigan</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>June 27, 2008</P>
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