<SEC-DOCUMENT>0000950123-11-075008.txt : 20110809
<SEC-HEADER>0000950123-11-075008.hdr.sgml : 20110809
<ACCEPTANCE-DATETIME>20110809150055
ACCESSION NUMBER:		0000950123-11-075008
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110809
DATE AS OF CHANGE:		20110809

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		111020409

	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>10-Q
<SEQUENCE>1
<FILENAME>c20377e10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">As filed with the Securities and Exchange Commission on August 9, 2011
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 10-Q</B>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the Quarterly Period ended June&nbsp;30, 2011</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>or</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT style="font-family: Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>
Commission File Number: 1-12043</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>OPPENHEIMER HOLDINGS INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware<BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">98-0080034<BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">125 Broad Street<BR>
New York, New York 10004<BR>
(Address of principal executive offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">(212)&nbsp;668-8000<BR>
(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">None<BR>
(Former name, former address and former fiscal year, if changed since last report)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be filed
by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. Yes <FONT style="font-family: Wingdings">&#254;</FONT> No <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files). <FONT style="font-family: Wingdings">&#111;</FONT> Yes <FONT style="font-family: Wingdings">&#254;</FONT> No
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer&#148;, &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act. (Check one):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Indicate by a check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2
of the Exchange Act). Yes <FONT style="font-family: Wingdings">&#111;</FONT> No <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The number of shares of the Company&#146;s Class&nbsp;A non-voting common stock and Class&nbsp;B voting
common stock (being the only classes of common stock of the Company) outstanding on July&nbsp;29, 2011
was 13,570,945 and 99,680 shares, respectively.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="C20377tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page<br> No.</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377101">PART I FINANCIAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377102">Item&nbsp;1. Financial Statements (unaudited)</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377103">Condensed Consolidated Balance Sheets as of June&nbsp;30, 2011
and December&nbsp;31, 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377104">Condensed Consolidated Statements of Operations for the
three and six months ended June&nbsp;30, 2011 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377105">Condensed Consolidated Statements of Comprehensive Income
for the three and six months ended June&nbsp;30, 2011 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377106">Condensed Consolidated Statements of Cash Flows for the
three and six months ended June&nbsp;30, 2011 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377107">Condensed Consolidated Statements of Changes in Equity for
the three and six months ended June&nbsp;30, 2011 and 2010</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377108">Notes to Condensed Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377109">Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377110">Item&nbsp;3. Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377111">Item&nbsp;4. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377112">PART II OTHER INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377113">Item&nbsp;1. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377114">Item&nbsp;1A. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377115">Item&nbsp;2. Unregistered Sales of Equity Securities and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#C20377116">Item&nbsp;6. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#C20377117">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Certifications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c20377exv10w1.htm">Exhibit 10.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c20377exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c20377exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c20377exv32.htm">Exhibit 32</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C20377101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART I<BR>
FINANCIAL INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C20377102"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item. 1 Financial Statements</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV align="left">
<A name="C20377103"></A>
</DIV>

<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt">CONDENSED CONSOLIDATED BALANCE SHEETS
<!-- xbrl,body --> (unaudited)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>(Expressed in thousands of dollars)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and securities segregated for regulatory and
other purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits with clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from brokers and clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from customers, net of allowance for
doubtful accounts of $2,430 ($2,716 in 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">923,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreement to resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities owned, including amounts pledged of $680,221
($102,501 in 2010), at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,786</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Office facilities, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,624,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,620,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 10pt">(Continued on next page)
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>


<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>

<!-- xbrl,bs -->
CONDENSED CONSOLIDATED BALANCE SHEETS
<!-- xbrl,body -->
 (unaudited)
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>(Expressed in thousands of dollars)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LIABILITIES AND EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Drafts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank call loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to brokers and clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,916</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreement to repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,168,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,456</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold, but not yet purchased, at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured credit note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income tax, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess of fair value of acquired assets over cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,123,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,122,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Oppenheimer Holdings Inc. stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;A
non-voting common stock <BR>
(2011 &#151; 13,568,945 shares issued and outstanding <BR>
2010 &#151; 13,268,522 shares issued and outstanding)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,768</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;B voting common stock <BR>
99,680 shares issued and outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contributed capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,808</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394,648</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noncontrolling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,624,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,620,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV align="left">
<A name="C20377104"></A>
</DIV>

<!-- xbrl,op -->
<DIV align="center" style="font-size: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

<!-- xbrl,body --> (unaudited)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars, except share and per share amounts</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REVENUE:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">120,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">257,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,957</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,776</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,520</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,483</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clearing and exchange fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,385</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net profit attributable to
non-controlling
interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;attributable to Oppenheimer
Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit (loss)&nbsp;per share attributable to
Oppenheimer Holdings Inc.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,658,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,349,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,605,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,323,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,937,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,899,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,929,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,890,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>
<!-- /xbrl,op -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV align="left">
<A name="C20377105"></A>
</DIV>
<!-- xbrl,ci -->
<DIV align="center" style="font-size: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</DIV>
<!-- xbrl,body -->

<DIV align="center" style="font-size: 10pt">(unaudited)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(516</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(231</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in cash flow hedges, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(450</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(817</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income attributable to
non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income attributable to
Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>
<!-- /xbrl,ci -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV align="left">
<A name="C20377106"></A>
</DIV>

<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<!-- xbrl,body --> (unaudited)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net profit to net cash used in operating
activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash items included in net profit:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of debt issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for credit losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(286</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(408</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Decrease (increase)&nbsp;in operating assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash and securities segregated for regulatory and other purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,814</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deposits with clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,710</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Receivable from brokers and clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,060</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Receivable from customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,857</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,667</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Securities purchased under agreement to resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(215,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(267,103</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Securities owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(680,609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(155,031</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,587</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,485</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase (decrease)&nbsp;in operating liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Drafts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,917</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Payable to brokers and clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,976</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Payable to customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Securities sold under agreement to repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Securities sold, but not yet purchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accrued compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,966</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,102</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cash used in operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(76,671</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 10pt">(Continued on next page)
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
<!-- xbrl,cf -->
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<!-- xbrl,body -->
 (unaudited) &#151; Continued
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of office facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash dividends paid on Class&nbsp;A non-voting and Class
B voting common
stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,932</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Class&nbsp;A non-voting common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax shortfall from share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,624</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(104</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured note issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured credit note repayment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated note repayment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase (decrease)&nbsp;in bank call loans, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,912</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schedule of non-cash investing and financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee share plan issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Supplemental disclosure of cash flow information:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash paid during the periods for interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash paid during the periods for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,020</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>


<DIV align="left">
<A name="C20377107"></A>
</DIV>

<!-- xbrl,se -->
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
<!-- xbrl,body -->
 (unaudited)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of Class&nbsp;A non-voting common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">62,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Contributed capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested employee share plan awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,303</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,710</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax shortfall from share-based awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,624</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(104</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share-based expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Retained earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">394,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">362,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit for the period attributable to Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends ($0.11 per share in 2011 and 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,932</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">377,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accumulated other comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(543</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(231</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in cash flow hedges, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(817</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,591</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stockholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">495,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">471,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-controlling interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grant of non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit
attributable to non-controlling interest for the period, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">500,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">473,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these condensed consolidated financial statements.
</DIV>


<!-- /xbrl,se -->


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<!-- xbrl,ns -->

<DIV align="left">
<A name="C20377108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.
</DIV>

<DIV align="center" style="font-size: 10pt">Notes to Condensed Consolidated Financial Statements (Unaudited)</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1. Summary of significant accounting policies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Oppenheimer Holdings Inc. (&#147;OPY&#148;) is incorporated under the laws of the State of Delaware. The
consolidated financial statements include the accounts of OPY and its subsidiaries (together, the
&#147;Company&#148;). The principal subsidiaries of OPY are Oppenheimer &#038; Co. Inc. (&#147;Oppenheimer&#148;), a
registered broker dealer in securities, Oppenheimer Asset Management Inc. (&#147;OAM&#148;) and its wholly
owned subsidiary, Oppenheimer Investment Management Inc. (&#147;OIM&#148;), both registered investment
advisors under the Investment Advisors Act of 1940, Oppenheimer Trust Company, a limited purpose
trust company chartered by the State of New Jersey to provide fiduciary services such as trust and
estate administration and investment management, Oppenheimer Multifamily Housing and Healthcare
Finance, Inc. (formerly Evanston Financial Corporation) (&#147;OMHHF&#148;), which is engaged in mortgage
brokerage and servicing, and OPY Credit Corp., which offers syndication as well as trading of
issued corporate loans. Oppenheimer Europe Ltd. (formerly Oppenheimer E.U. Ltd.) (&#147;Oppenheimer
Europe&#148;), based in the United Kingdom, provides institutional equities and fixed income brokerage
and corporate financial services and is regulated by the Financial Services Authority. Oppenheimer
Investments Asia Limited, based in Hong Kong, China, provides assistance in accessing the U.S.
equities markets and limited mergers and acquisitions advisory services to Asia-based companies.
Oppenheimer operates as Fahnestock &#038; Co. Inc. in Latin America. Oppenheimer owns Freedom
Investments, Inc. (&#147;Freedom&#148;), a registered broker dealer in securities, which also operates as the
BUYandHOLD division of Freedom, offering on-line discount brokerage and dollar-based investing
services, and Oppenheimer Israel (OPCO)&nbsp;Ltd., which is engaged in offering investment services in
the State of Israel as a local broker dealer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s condensed consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). These accounting
principles are set out in the notes to the Company&#146;s consolidated financial statements for the year
ended December&nbsp;31, 2010 included in its Annual Report on Form 10-K for the year then ended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accounting standards require the Company to present non-controlling interests (previously referred
to as minority interests) as a separate component of stockholders&#146; equity on the Company&#146;s
condensed consolidated balance sheet. As of June&nbsp;30, 2011, the Company owns 67.34% of OMHHF and
the non-controlling interest recorded in the condensed consolidated balance sheet was $4.5&nbsp;million.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The condensed consolidated financial statements include all adjustments, which in the opinion of
management are normal and recurring and necessary for a fair statement of the results of
operations, financial position and cash flows for the interim periods presented. The nature of the
Company&#146;s business is such that the results of operations for the interim periods are not
necessarily indicative of the results to be expected for a full year.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Disclosures reflected in these condensed consolidated financial statements comply in all material
respects with those required pursuant to the rules and regulations of the United States Securities
and Exchange Commission (&#147;SEC&#148;) with respect to quarterly financial reporting.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain prior period amounts appearing in the notes to the condensed consolidated financial
statements pertaining to the fair value measurement of derivative contracts have been reclassified
to conform with current presentation.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2. New Accounting Pronouncements</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Recently Adopted</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2010, the Financial Accounting Standards Board (the &#147;FASB&#148;) issued ASU No.&nbsp;2010-28,
&#147;Intangibles &#151; Goodwill and Other,&#148; which modified Step 1 of the goodwill impairment test for
reporting units with a zero or negative carrying value, stating that under such circumstances an
entity should perform Step 2 of the impairment analysis when it is more likely than not that
goodwill is impaired. The Company adopted this requirement in the period ending March&nbsp;31, 2011 with
no impact on its financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2010, the FASB issued ASU No.&nbsp;2010-10, &#147;Consolidation &#151; Amendments for Certain
Investment Funds&#148;, that will indefinitely defer the effective date of the updated Variable Interest
Entity (&#147;VIE&#148;) accounting guidance for certain investment funds. To qualify for the deferral, the
investment fund needs to meet certain attributes of an investment company, does not have explicit
or implicit obligations to fund losses of the entity and is not a securitization entity, an
asset-backed financing entity, or an entity formerly considered a qualifying
special-purpose entity (&#147;QSPE&#148;). The Company&#146;s investment funds meet the conditions in ASU No.
2010-10 and qualify for the deferral adoption. Therefore, the Company is not required to
consolidate any of its investment funds which are VIEs until further guidance is issued.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2010, the FASB issued ASU No.&nbsp;2010-06, &#147;Fair Value Measurement&#148;. ASU No.&nbsp;2010-06
requires new disclosures regarding transfers of assets and liabilities measured at fair value in
and out of Level 1 and 2 of the fair value hierarchy. A reporting entity should disclose
separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value
measurements and describe the reasons for the transfer. ASU No.&nbsp;2010-06 also provides additional
guidance on the level of disaggregation of fair value measurements and disclosures regarding inputs
and valuation techniques. The Company adopted this disclosure requirement in the three months ended
March&nbsp;31, 2010. In addition, ASU No. 2010-06 requires the reconciliation of beginning and ending
balances for fair value measurements using significant unobservable inputs (i.e., Level 3) to be
presented on a gross basis. The Company adopted this requirement in the period ending March&nbsp;31,
2011. See note 5 for further information.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Recently Issued</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2011, the FASB issued ASU No.&nbsp;2011-03, &#147;Transfers and Servicing: Reconsideration of
Effective Control for Repurchase Agreements,&#148; which removes the requirement to consider whether
sufficient collateral is held when determining whether to account for repurchase agreements and
other agreements that both entitle and obligate the transferor to repurchase or redeem financial
assets before their maturity as sales or as secured financings. The guidance is effective
prospectively for transactions beginning on January&nbsp;1, 2012. We do not believe that the adoption of
this guidance will have an impact on our financial condition, results of operations or cash flows.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In May&nbsp;2011, the FASB issued ASU No.&nbsp;2011-04, &#147;Fair Value Measurement: Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS,&#148; which provides
clarifying guidance on how to measure fair value and has additional disclosure requirements. The
amendments prohibit the use of blockage factors at all levels of the fair value hierarchy and
provide guidance on measuring financial instruments that are managed on a net portfolio basis.
Additional disclosure requirements include transfers between Levels 1 and 2 and, for Level 3 fair
value measurements, a description of our valuation processes and additional information about
unobservable inputs impacting Level 3 measurements. The updates are effective for the reporting
period ending December&nbsp;31, 2011. We are currently evaluating the impact, if any, that these
updates will have on our financial condition, results of operations and cash flows.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2011, the FASB issued ASU No.&nbsp;2011-05, &#147;Presentation of Comprehensive Income&#148;,
requiring entities to present items of net income and other comprehensive income either in one
continuous statement (referred to as the statement of comprehensive income) or in two separate, but
consecutive, statements of net income and other comprehensive income. The Company will adopt this
requirement in the period ending December&nbsp;31, 2011.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>3. Earnings per share</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Earnings per share was computed by dividing net profit attributable to Oppenheimer Holdings Inc. by
the weighted average number of shares of Class&nbsp;A non-voting common stock (&#147;Class&nbsp;A Stock&#148;) and
Class&nbsp;B voting common stock (&#147;Class&nbsp;B Stock&#148;) outstanding. Diluted earnings per share includes the
weighted average Class&nbsp;A and Class&nbsp;B Stock outstanding and the effects of warrants issued and Class
A Stock granted under share-based compensation arrangements using the treasury stock method, if
dilutive.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Earnings per share has been calculated as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed
in thousands of dollars, except share and per share amounts
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Three months ended June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Six months ended June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic weighted average number
of shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,658,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,349,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,605,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,323,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net dilutive effect of
warrant, treasury method (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net dilutive effect of
share-based awards, treasury
method (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">549,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted weighted average
number of shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,937,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,899,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,929,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,890,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit attributable to
non-controlling interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;attributable
to Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic profit (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted profit (loss)&nbsp;per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.32</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As part of the consideration for the 2008 acquisition of a portion of CIBC World
Markets Corp.&#146;s U.S. capital markets businesses, the Company issued a warrant to purchase
1&nbsp;million shares of Class&nbsp;A Stock of the Company at $48.62 per share exercisable five
years from the January&nbsp;14, 2008 acquisition date. For the three and six months ended June
30, 2011 and 2010, the effect of the warrant is anti-dilutive.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the three and six months ended June&nbsp;30, 2011, the diluted earnings per share
computations do not include the anti-dilutive effect of 1,139,695 and 1,142,028 shares of
Class&nbsp;A Stock granted under share-based compensation arrangements together with the
warrant described in (1) (1,273,416 shares of Class&nbsp;A Stock for both the three and six
months ended June&nbsp;30, 2010).</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>4. Receivable from and payable to brokers and clearing organizations</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%">Expressed in thousands of dollars.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivable from brokers and clearing
organizations consist of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits paid for securities borrowed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">199,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivable from brokers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities failed to deliver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Omnibus accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">359,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">302,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payable to brokers and clearing organizations
consist of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits received for securities loaned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">309,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">345,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities failed to receive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clearing organizations and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">395,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">372,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>5. Financial instruments</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities owned and securities sold but not yet purchased, investments and derivative contracts
are carried at fair value with changes in fair value recognized in earnings each period. The
Company&#146;s other financial instruments are generally short-term in nature or have variable interest
rates and as such their carrying values approximate fair value, with the exception of notes
receivable from employees which are carried at cost.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Owned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Sold</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Owned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Sold</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Treasury, agency and sovereign obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">790,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">119,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">160,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate debt and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other asset-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Municipal obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,047,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">181,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">367,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">160,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities owned and securities sold, but not yet purchased, consist of trading and investment
securities at fair values. Included in securities owned at June&nbsp;30, 2011 are corporate equities
with estimated fair values of approximately $14.9&nbsp;million ($14.3&nbsp;million at December&nbsp;31, 2010),
which are related to deferred compensation liabilities to certain employees included in accrued
compensation on the condensed consolidated balance sheet.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Valuation Techniques</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A description of the valuation techniques applied and inputs used in measuring the fair value of
the Company&#146;s financial instruments is as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>U.S. Treasury Obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">U.S. Treasury securities are valued using quoted market prices obtained from active market makers
and inter-dealer brokers and, accordingly, are categorized in Level 1 in the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>U.S. Agency Obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">U.S. agency securities consist of agency issued debt securities and mortgage pass-through
securities. Non-callable agency issued debt securities are generally valued using quoted market
prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to
quoted market prices and trade data for identical or comparable securities. The fair value of
mortgage pass-through securities are model driven with respect to spreads of the comparable
To-be-announced (&#147;TBA&#148;) security. Actively traded non-callable agency issued debt securities are
categorized in Level 1 of the fair value hierarchy. Callable agency issued debt securities and
mortgage pass-through securities are generally categorized in Level 2 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Sovereign Obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of sovereign obligations is determined based on quoted market prices when available
or a valuation model that generally utilizes interest rate yield curves and credit spreads as
inputs. Sovereign obligations are categorized in Level 1 or 2 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Corporate Debt &#038; Other Obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of corporate bonds is estimated using recent transactions, broker quotations and
bond spread information. Corporate bonds are generally categorized in Level 2 of the fair value
hierarchy.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Mortgage and Other Asset-Backed Securities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company holds non-agency securities primarily collateralized by home equity and manufactured
housing which are valued based on external pricing and spread data provided by independent pricing
services and are generally categorized in Level 2 of the fair value hierarchy. When specific
external pricing is not observable, the valuation is based on yields and spreads for comparable
bonds and, consequently, the positions are categorized in Level 3 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Municipal Obligations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of municipal obligations is estimated using recently executed transactions, broker
quotations, and bond spread information. These obligations are generally categorized in Level 2 of
the fair value hierarchy; in instances where significant inputs are unobservable, they are
categorized in Level 3 of the hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Convertible Bonds</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The fair value of convertible bonds is estimated using recently executed transactions and
dollar-neutral price quotations, where observable. When observable price quotations are not
available, fair value is determined based on cash flow models using yield curves and bond spreads
as key inputs. Convertible bonds are generally categorized in Level 2 of the fair value hierarchy;
in instances where significant inputs are unobservable, they are categorized in Level 3 of the
hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Corporate Equities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Equity securities and options are generally valued based on quoted prices from the exchange or
market where traded and categorized as Level 1 in the fair value hierarchy. To the extent quoted
prices are not available, prices are generally derived using bid/ask spreads, and these securities
are generally categorized in Level 2 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Other</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s
office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the
&#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators concerning
Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those settlements,
as at June&nbsp;30, 2011, the Company had purchased approximately $67.3&nbsp;million in ARS from its clients
pursuant to several purchase offers and expects to purchase at least an additional $6.0&nbsp;million of
ARS from its clients under the current client purchase offer. The Company&#146;s purchases of ARS from
its clients will continue on a periodic basis thereafter pursuant to the settlements with the
Regulators. In addition, the Company is committed to purchase another $49.0&nbsp;million in ARS as a
result of legal settlements with clients. The ultimate amount of ARS to be repurchased by the
Company cannot be predicted with any certainty and will be impacted by redemptions by issuers and
client actions during the period, which cannot be predicted. In addition to the ARS purchases
from clients of $67.3&nbsp;million as of June&nbsp;30, 2011 referred to above, the Company also held $2.1
million in ARS in its proprietary trading account as of June&nbsp;30, 2011 as a result of the failed
auctions in February&nbsp;2008. These ARS positions primarily represent Auction Rate Preferred
Securities issued by closed-end funds and, to a lesser extent, Municipal Auction Rate Securities
which are municipal bonds wrapped by municipal bond insurance and Student Loan Auction Rate
Securities which are asset-backed securities backed by student loans (collectively referred to as
&#147;ARS&#148;).
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest rates on ARS typically reset through periodic auctions. Due to the auction mechanism and
generally liquid markets, ARS have historically been categorized as Level 1 in the fair value
hierarchy. Beginning in February&nbsp;2008, uncertainties in the credit markets resulted in
substantially all of the ARS market experiencing failed auctions. Once the auctions failed, the
ARS could no longer be valued using observable prices set in the auctions. The Company has used
less observable
determinants of the fair value of ARS, including the strength in the underlying credits, announced
issuer redemptions, completed issuer redemptions, and announcements from issuers regarding their
intentions with respect to their outstanding ARS. The Company has also developed an internal
methodology to discount for the lack of liquidity and non-performance risk of the failed auctions.
Key inputs include spreads on comparable Treasury yields to derive a discount rate, an estimate of
the ARS duration, and yields based on current auctions in comparable securities that have not
failed. Due to the less observable nature of these inputs, the Company categorizes ARS in Level 3
of the fair value hierarchy. As of June&nbsp;30, 2011, the Company had a valuation adjustment
(unrealized loss) of $4.9&nbsp;million for ARS.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Investments</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In its role as general partner in certain hedge funds and private equity funds, the Company,
through its subsidiaries, holds direct investments in such funds. The Company uses the net asset
value of the underlying fund as a basis for estimating the fair value of its investment. Due to the
illiquid nature of these investments and difficulties in obtaining observable inputs, these
investments are included in Level 3 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table provides information about the Company&#146;s investments in Company-sponsored funds
at June&nbsp;30, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unfunded</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Commit-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Redemption</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Redemption</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Frequency</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Notice Period</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge Funds<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Quarterly - Annually</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30 - 120 Days</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Equity Funds<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distressed Opportunities
Fund<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Semi-Annually</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">180 Days</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes investments in hedge funds and hedge fund of funds that pursue long/short,
event-driven, and activist strategies.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes private equity funds and private equity fund of funds with a focus on diversified
portfolios, real estate and global natural resources.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hedge fund that invests in distressed debt of U.S. companies.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Derivative Contracts</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company transacts in exchange-traded and over-the-counter derivative
transactions to manage its interest rate risk. Exchange-traded derivatives, namely U.S. Treasury
futures, Federal funds futures, and Eurodollar futures, are valued based on quoted prices from the
exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter derivatives,
namely interest rate swap and interest rate cap contracts, are valued using a discounted cash flow
model and the Black-Scholes model, respectively, using observable interest rate inputs and are
categorized in Level 2 of the fair value hierarchy.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As described below in &#147;Credit Concentrations&#148;, the Company participates in loan syndications and
operates as underwriting agent in leveraged financing transactions where it utilizes a warehouse
facility provided by Canadian Imperial Bank of Commerce (&#147;CIBC&#148;) to extend financing
commitments to third-party borrowers identified by the Company. The Company uses broker quotations
on loans trading in the secondary market as a proxy to determine the fair value of the underlying
loan commitment which is categorized in Level 3 of the fair value hierarchy. The Company also
purchases and sells loans in its proprietary trading book where CIBC provides the financing through
a loan trading facility. The Company uses broker quotations to determine the fair value of loan
positions held which are categorized in Level 2 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company from time to time enters into securities financing transactions that mature on the same
date as the underlying collateral. Such transactions are treated as a sale of financial assets and
a forward repurchase commitment, or conversely as a purchase of financial assets and a forward
resale commitment. The forward repurchase and resale commitments are valued based on the spread
between the market value of the government security and the underlying collateral and are
categorized in Level 2 of the fair value hierarchy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Fair Value Measurements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s assets and liabilities, recorded at fair value on a recurring basis as of June&nbsp;30,
2011 and December&nbsp;31, 2010, have been categorized based upon the above fair value hierarchy as
follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Assets and liabilities measured at fair value on a recurring basis as of June&nbsp;30, 2011:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Fair Value Measurements</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of June 30, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>53,732</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>53,732</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities segregated for regulatory
and other purposes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,500</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,500</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Deposits with clearing organizations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,095</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,095</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Treasury obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Agency obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate debt and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage and other asset-backed
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities owned, at fair value</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>779,086</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>201,510</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67,032</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,047,628</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investments (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>981</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36,292</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16,141</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,414</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivative contracts (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,822</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,822</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities purchased under agreements
to resell (3)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>556,916</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>556,916</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>857,394</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>798,540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>83,173</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,739,107</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Fair Value Measurements</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of June 30, 2011</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities sold, but not yet purchased:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Treasury obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">119,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">119,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Agency obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate debt and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage and other asset-backed
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities sold, but not yet purchased</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>142,091</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,372</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181,474</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivative contracts (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>244</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,652</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,896</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>142,367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>42,024</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>184,402</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Included in other assets on the condensed consolidated balance sheet.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Primarily represents the fair value of &#147;To-Be-Announced&#148; securities (TBAs). See
&#147;Derivatives used for trading and investment purposes&#148; below.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes securities purchased under agreements to resell where the Company has elected the
fair value option.</DIV></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Assets and liabilities measured at fair value on a recurring basis as of December&nbsp;31, 2010:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Fair Value Measurements</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>14,384</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>14,384</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities segregated for regulatory
and other purposes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,497</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,497</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Deposits with clearing organizations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,094</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9,094</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Treasury obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Agency obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sovereign obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate debt and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage and other asset-backed
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities owned, at fair value</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>174,207</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>155,103</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,709</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>367,019</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investments (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,522</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,563</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17,208</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64,293</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivative contracts (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,067</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,067</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities
purchased under agreement to resell (3)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>332,179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>332,179</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>224,704</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>547,912</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>54,917</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>827,533</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>Fair Value Measurements</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities sold, but not yet purchased:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Treasury obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Agency obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sovereign obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate debt and other obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage and other asset-backed
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities sold, but not yet
purchased, at fair value</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>126,462</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33,590</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>160,052</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivative contracts (2)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>147</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>178</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>325</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities sold under agreements to
repurchase (3)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>389,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>389,305</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>126,621</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>423,073</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>549,694</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Included in other assets on the consolidated balance sheet.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>



<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Primarily represents the fair value of TBAs. See &#147;Derivatives used for trading and
investment purposes&#148; below.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes securities
purchased under agreements to resell and securities sold under
agreements to repurchase where the company has elected the fair value
option.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There were no significant transfers between Level 1 and Level 2 assets and liabilities in the
three and six months ended June&nbsp;30, 2011.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following tables present changes in Level 3 assets and liabilities measured at fair value on a
recurring basis for the three months ending June&nbsp;30, 2011 and 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealiz-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purch-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ed Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ases,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sales,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trans-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Opening</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issu-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Settle-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><b>fers In</b></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bal-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4) (5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ances</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B> / Out</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ance</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the three months
ended June&nbsp;30, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Assets:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Municipal
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Liabilities:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealiz-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchases,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ed Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sales,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trans-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Opening</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issuances,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fers In /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4) (5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Settlements</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Out</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the three months
ended June&nbsp;30, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Assets:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Municipal
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,853</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(355</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Liabilities:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">none</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents private placements of non-agency collateralized mortgage obligations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents auction rate preferred securities that failed in the auction rate market.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Primarily represents general partner ownership interests in hedge funds and private equity
funds sponsored by the Company.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Included in principal transactions on the condensed consolidated statement of operations,
except for investments which are included in other income on the condensed consolidated
statement of operations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unrealized gains (losses)&nbsp;are attributable to assets or liabilities that are still held at
the reporting date.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following tables present changes in Level 3 assets and liabilities measured at fair value
on a recurring basis for the six months ending June&nbsp;30, 2011 and 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealiz-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purch-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ed Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ases,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sales,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trans-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Opening</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issu-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Settle-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fers In</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bal-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4) (5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ances</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>/ Out</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>ance</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the six months
ended June&nbsp;30, 2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Assets:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Municipal
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(190</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(936</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Liabilities:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Realized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealiz-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchases,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>ed Gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sales,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Trans-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Opening</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Losses)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issuances,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fers In /</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ending</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(4) (5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Settlements</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Out</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the six months
ended June&nbsp;30, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Assets:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage and other
asset-backed
securities (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Municipal
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(315</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,853</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(355</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Liabilities:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">none</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents private placements of non-agency collateralized mortgage obligations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents auction rate preferred securities that failed in the auction rate market.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Primarily represents general partner ownership interests in hedge funds and private equity
funds sponsored by the Company.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Included in principal transactions on the condensed consolidated statement of operations,
except for investments which are included in other income on the condensed consolidated
statement of operations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Unrealized gains (losses)&nbsp;are attributable to assets or liabilities that are still held at
the reporting date.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Fair Value Option</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has the option to measure certain financial assets and financial liabilities at fair
value with changes in fair value recognized in earnings each period. The Company may make a fair
value option election on an instrument-by-instrument basis at initial recognition of an asset or
liability or upon an event that gives rise to a new basis of accounting for that instrument. The
Company has elected to apply the fair value option to its loan trading portfolio which resides in
OPY Credit Corp. and is included in other assets on the condensed consolidated balance sheet.
Management has elected this treatment as it is consistent with the manner in which the business is
managed as well as the way that financial instruments in other parts of the business are recorded.
There were no loan positions held in the secondary loan trading portfolio at June&nbsp;30, 2011 (None at
December&nbsp;31, 2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company also elected the fair value option for those securities sold under agreements to
repurchase (&#147;repurchase agreements&#148;) and securities purchased under agreements to resell (&#147;resale
agreements&#148;) that do not settle overnight or have an open settlement date or that are not accounted
for as purchase and sale agreements (such as repo-to-maturity transactions). The Company has
elected the fair value option for these instruments to more accurately reflect market and economic
events in its earnings and to mitigate a potential imbalance in earnings caused by using different
measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities.
At June&nbsp;30, 2011, the fair value of the resale agreement and repurchase agreements were $556.9
million and $nil, respectively. During the three and six months ended June&nbsp;30, 2011, the amount of
losses related to resale agreements was $27,000 and $6,000, respectively. During the three and six
months ended June&nbsp;30, 2011, the amount of gains/losses related to repurchase agreements was $nil
and $nil, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Fair Value of Derivative Instruments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company transacts, on a limited basis, in exchange traded and over-the-counter derivatives for
both asset and liability management as well as for trading and investment purposes. Risks managed
using derivative instruments include interest rate risk and, to a lesser extent, foreign exchange
risk. Interest rate swaps and interest rate caps are entered into to manage the Company&#146;s interest
rate risk associated with floating-rate borrowings. All derivative instruments are measured at fair
value and are recognized as either assets or liabilities on the consolidated balance sheet. The
Company designates interest rate swaps and interest rate caps as cash flow hedges of floating-rate
borrowings.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Cash flow hedges used for asset and liability management</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For derivative instruments that are designated and qualify as a cash flow hedge, the effective
portion of the gain or loss on the derivative is reported as a component of other comprehensive
income and reclassified into earnings in the same period or periods during which the hedged
transaction affects earnings. Gains or losses on the derivative representing either hedge
ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in
current earnings.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On September&nbsp;29, 2006, the Company entered into interest rate swap transactions to hedge the
interest payments associated with its floating rate Senior Secured Credit Note, which is subject to
change due to changes in 3-Month LIBOR. See note 6 for further information. These swaps have been
designated as cash flow hedges. Changes in the fair value of the swap hedges are expected to be
highly effective in offsetting changes in the interest payments due to changes in 3-Month LIBOR.
For the three and six months ended June&nbsp;30, 2011, the effective portion of the net gain on the
interest rate swaps, after tax, was approximately $nil and $69,000, respectively ($73,000 and
$330,000, respectively, for the three and six months ended June&nbsp;30, 2010) and has been recorded as
other comprehensive income on the condensed consolidated statement of comprehensive income (loss).
The swaps expired on March&nbsp;31, 2011.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On January&nbsp;20, 2009, the Company entered into an interest rate cap contract, incorporating a
series of purchased caplets with fixed maturity dates ending December&nbsp;31, 2012, to hedge the
interest payments associated with its floating rate Subordinated Note, which is subject to changes
in 3-Month LIBOR. See note 6 for further information. With the repayment of the Subordinated Note
in the second quarter of 2011, this cap is no longer designated as a cash flow hedge. The loss of
$1.3&nbsp;million related to this hedge that was previously included in other comprehensive income
(loss)&nbsp;was reversed and included in interest expense in the condensed consolidated statement of
operations in the second quarter of 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Foreign exchange hedges</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company also utilizes forward and options contracts to hedge the foreign
currency risk associated with compensation obligations to Oppenheimer Israel (OPCO)&nbsp;Ltd. employees
denominated in New Israeli Shekels. Such hedges have not been designated as accounting hedges. At
June&nbsp;30, 2011, the Company did not have any such hedges in place.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Derivatives used for trading and investment purposes</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Futures contracts represent commitments to purchase or sell securities or other commodities at a
future date and at a specified price. Market risk exists with respect to these instruments.
Notional or contractual amounts are used to express the volume of these transactions, and do not
represent the amounts potentially subject to market risk. The futures contracts the Company used
included U.S. Treasury notes, Federal Funds and Eurodollar contracts. At June&nbsp;30, 2011, the Company
had 240 open short contracts for 10-year U.S. Treasury notes with a fair value of $244,000 used
primarily as an economic hedge of interest rate risk associated with a portfolio of fixed income
investments. At June&nbsp;30, 2011, the Company had 5.2&nbsp;billion open contracts for Federal Funds
futures with a fair value of approximately $245,000 and 224&nbsp;million open contracts for Eurodollar
futures with a fair value of $13,000 both used as economic hedges of interest rate risk associated
with government trading activities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the
&#147;To-Be-Announced&#148; or TBA market. TBAs provide for the forward or delayed delivery of the underlying
instrument with settlement up to 180&nbsp;days. The contractual or notional amounts related to these
financial instruments reflect the volume of activity and do not reflect the amounts at risk.
Unrealized gains and losses on TBAs are recorded in the condensed consolidated balance sheets in
receivable from brokers and clearing organizations and payable to brokers and clearing
organizations, respectively, and in the condensed consolidated statement of operations as principal
transactions revenue. See Fair Value of Derivative Instruments tables below for TBAs outstanding at
June&nbsp;30, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From time-to-time, the Company enters into securities financing transactions that mature on the
same date as the underlying collateral. These transactions are treated as a sale of financial
assets and a forward repurchase commitment, or conversely as a purchase of financial assets and a
forward resale commitment. At June&nbsp;30, 2011, the fair value of the forward repurchase commitment
was approximately $354,000.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The notional amounts and fair values of the Company&#146;s derivatives at June&nbsp;30, 2011 by product were
as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Fair Value of Derivative Instruments<BR>
As of June&nbsp;30, 2011</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives designated
as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cap</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not
designated as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commodity contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eurodollar Futures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">470,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not
designated as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commodity contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S Treasury Futures </TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Funds Futures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,220,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eurodollar Futures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forward Purchase Commitment <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auction rate securities purchase commitment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,024,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Fair Value of Derivative Instruments&#148; below for description of derivative financial
instruments.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Forward commitment to repurchase government securities that received sale treatment related to
&#147;Repo-to-Maturity&#148; transactions.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Fair Value of Derivative Instruments<BR>
As of December&nbsp;31, 2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives designated
as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cap</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not designated
as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">616,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives designated
as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Swaps</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivatives not designated
as hedging
instruments </B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commodity contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S Treasury Futures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forward Purchase Commitment <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sub-total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,266,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,275,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Fair Value of Derivative Instruments&#148; above for description of derivative financial
instruments.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Forward commitment to repurchase government securities that received sale treatment related to
&#147;Repo-to-Maturity&#148; transactions.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table presents the location and fair value amounts of the Company&#146;s derivative
instruments and their effect on the statement of operations for the three months ended June&nbsp;30,
2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recognized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehen-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>sive Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Reclassified from</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives -</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Accumulated Other</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Effective</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Recognized in Income on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Portion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Income into Income-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(after-tax)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 0px solid #000000"><B>Effective Portion</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>(pre-tax)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gain/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>(after-tax)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Hedging Relationship</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gain/ (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gain/ (Loss)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" colspan="5" align="left"><B><I>Cash Flow Hedges used for asset and liability management</I></B><I>:</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caps <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,950</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest  expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,233</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Swaps</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest  expense</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left"><B><I>Derivatives used for trading and investment </I></B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP><B><I>:</I></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Commodity contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S Treasury Futures&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Funds Futures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(221</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euro-dollar Futures&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euro FX&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forward purchase commitment <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auction rate securities purchase commitment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,113</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,172</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Fair Value of Derivative Instruments&#148; above for description of derivative financial
instruments.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">There is no ineffective portion included in income for the three months ended June&nbsp;30, 2011.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As noted above in &#147;Cash flow hedges used for asset and liability management&#148;, interest rate
caps are used to hedge interest rate risk associated with the Subordinated Note. With the repayment
of the Subordinated Note in the second quarter
of 2011, this cap is no longer designated as a cash flow hedge and, as a result, a loss of $1.6
million has been reclassified from other comprehensive income (loss)&nbsp;to other expenses on the
condensed consolidated statement of operations.</DIV></TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Forward commitment to repurchase government securities that received sale treatment related to
&#147;Repo-to-Maturity&#148; transactions.</DIV></TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table presents the location and fair value amounts of the Company&#146;s derivative
instruments and their effect on the statement of operations for the six months ended June&nbsp;30, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recognized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehen-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>sive Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Reclassified from</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Derivatives -</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Accumulated Other</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Effective</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Recognized in Income on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Portion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Income into Income-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Derivatives</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(after-tax)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 0px solid #000000"><B>Effective Portion</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>(pre-tax)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gain/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>(after-tax)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Hedging Relationship</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gain/ (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Gain/ (Loss)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left"><B><I>Cash Flow Hedges used for asset and liability management</I></B><I>:</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Swaps</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Caps <SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N/A</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,950</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest expense</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,272</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left"><B><I>Derivatives used for trading and investment </I></B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP><B><I>:</I></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Commodity contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S Treasury Futures&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,180</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Federal Funds Futures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euro-dollar Futures&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(410</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euro FX&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(131</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Other contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TBAs&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forward purchase commitment <SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(784</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auction rate</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">securities purchase commitment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">transaction revenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,322</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Fair Value of Derivative Instruments&#148; above for description of derivative financial
instruments.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">There is no ineffective portion included in income for the six months ended June&nbsp;30, 2011.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As noted above in &#147;Cash flow hedges used for asset and liability management&#148;, interest rate
caps are used to hedge interest rate risk associated with the Subordinated Note. With the repayment
of the Subordinated Note in the second quarter of 2011, this cap is no longer designated as a cash
flow hedge and, as a result, a loss of $1.3&nbsp;million, net of tax, has been reclassified from other comprehensive
income (loss)&nbsp;to other expenses on the condensed consolidated statement of operations.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Forward commitment to repurchase government securities that received sale treatment related to
&#147;Repo-to-Maturity&#148; transactions.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Collateralized Transactions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company enters into collateralized borrowing and lending transactions in order to meet
customers&#146; needs and earn residual interest rate spreads, obtain securities for settlement and
finance trading inventory positions. Under these transactions, the Company either receives or
provides collateral, including U.S. government and agency, asset-backed, corporate debt, equity,
and non-U.S. government and agency securities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are
generally payable on demand and bear interest at various rates but not exceeding the broker call
rate. At June&nbsp;30, 2011, bank call loans were $159.0&nbsp;million ($147.0&nbsp;million at December&nbsp;31, 2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the Company had collateralized loans, collateralized by firm and customer
securities with market values of approximately $106.9&nbsp;million and $268.3&nbsp;million, respectively, at
June&nbsp;30, 2011, are primarily with two U.S. money center banks. At June&nbsp;30, 2011, the Company had
approximately $1.3&nbsp;billion of customer securities under customer margin loans that are available to
be pledged, of which the Company has repledged approximately $286.0&nbsp;million under securities loan
agreements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the Company had deposited $220.2&nbsp;million of customer securities directly with the
Options Clearing Corporation to secure obligations and margin requirements under option contracts
written by customers.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the Company had no outstanding letters of credit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company finances its government trading operations through the use of repurchase agreements and
resale agreements. Except as described below, repurchase and resale agreements, principally
involving government and agency securities, are carried at amounts at which securities subsequently
will be resold or reacquired as specified in the respective agreements and include accrued
interest. Repurchase and resale agreements are presented on a net-by-counterparty basis, when the
repurchase and resale agreements are executed with the same counterparty, have the same explicit
settlement date, are executed in accordance with a master netting arrangement, the securities
underlying the repurchase and resale agreements exist in &#147;book entry&#148; form and certain other
requirements are met.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of the Company&#146;s repurchase agreements and resale agreements are carried at fair value as a
result of the Company&#146;s fair value option election. The Company elected the fair value option for
those repurchase agreements and resale agreements that do not settle overnight or have an open
settlement date or that are not accounted for as purchase and sale agreements (such as
repo-to-maturity transactions described above). The Company has elected the fair value option for
these instruments to more accurately reflect market and economic events in its earnings and to
mitigate a potential imbalance in earnings caused by using different measurement attributes (i.e.
fair value versus carrying value) for certain assets and liabilities. At June&nbsp;30, 2011, the fair
value of the resale
agreement and repurchase agreements were $556.9&nbsp;million and $nil, respectively. During the three
and six months ended June&nbsp;30, 2011, the amount of losses related to resale agreements was $27,000
and $6,000, respectively. During the three and six months ended June&nbsp;30, 2011, the amount of
gains/losses related to repurchase agreements was $nil and $nil, respectively.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the gross balances of resale agreements and repurchase agreements were $7.7
billion and $8.2&nbsp;billion, respectively ($4.0&nbsp;billion and $4.1&nbsp;billion, respectively at December&nbsp;31,
2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company receives collateral in connection with securities borrowed and resale agreement
transactions and customer margin loans. Under many agreements, the Company is permitted to sell or
repledge the securities received (e.g., use the securities to enter into securities lending
transactions, or deliver to counterparties to cover short positions). At June&nbsp;30, 2011, the fair
value of securities received as collateral under securities borrowed transactions and resale
agreements was $239.8&nbsp;million ($192.1&nbsp;million at December&nbsp;31, 2010) and $7.7&nbsp;billion ($3.9&nbsp;billion
at December&nbsp;31, 2010), respectively, of which the Company has re-pledged approximately $15.7
million ($47.3&nbsp;million at December&nbsp;31, 2010) under securities loaned transactions and $7.7&nbsp;billion
under repurchase agreements ($3.9&nbsp;billion at December&nbsp;31, 2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company pledges certain of its securities owned for securities lending and repurchase
agreements and to collateralize bank call loan transactions. The carrying value of pledged
securities owned that can be sold or re-pledged by the counterparty was $680.2&nbsp;million, as
presented on the face of the condensed consolidated balance sheet at June&nbsp;30, 2011 ($102.5&nbsp;million
at December&nbsp;31, 2010). The carrying value of securities owned by the Company that have been loaned
or pledged to counterparties where those counterparties do not have the right to sell or re-pledge
the collateral was $145.6&nbsp;million as at June&nbsp;30, 2011 ($149.9&nbsp;million at December&nbsp;31, 2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company manages credit exposure arising from repurchase and resale agreements by, in
appropriate circumstances, entering into master netting agreements and collateral arrangements with
counterparties that provide the Company, in the event of a customer default, the right to liquidate
and the right to offset a counterparty&#146;s rights and obligations. The Company also monitors the
market value of collateral held and the market value of securities receivable from others. It is
the Company&#146;s policy to request and obtain additional collateral when exposure to loss exists. In
the event the counterparty is unable to meet its contractual obligation to return the securities,
the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market
prices.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">One of the Company&#146;s funds in which a subsidiary of the Company acts as a general partner and also
owns a limited partnership interest utilized Lehman Brothers International (Europe) as a prime
broker. As of June&nbsp;30, 2011, Lehman Brothers International (Europe) held securities with a fair
value of $9.1&nbsp;million that were segregated and not re-hypothecated.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Credit Concentrations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Credit concentrations may arise from trading, investing, underwriting and financing activities and
may be impacted by changes in economic, industry or political factors. In the normal course of
business, the Company may be exposed to risk in the event customers, counterparties including other
brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill
their contractual obligations. The Company seeks to mitigate these risks by actively monitoring
exposures and obtaining collateral as deemed appropriate. Included in receivable from brokers and
clearing organizations as of June&nbsp;30, 2011 are receivables from three major U.S. broker-dealers
totaling approximately $133.0&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company participates in loan syndications through its Debt Capital Markets business. Through
OPY Credit Corp., the Company operates as underwriting agent in leveraged financing transactions
where it utilizes a warehouse facility provided by CIBC to extend financing commitments to
third-party borrowers identified by the Company. The Company has exposure, up to a maximum of 10%,
of the excess underwriting commitment provided by CIBC over CIBC&#146;s targeted loan retention (defined
as &#147;Excess Retention&#148;). The Company quantifies its Excess Retention exposure by assigning a fair
value to the underlying loan commitment provided by CIBC (in excess of what CIBC has agreed to
retain) which is based on the fair value of the loans trading in the secondary market. To the
extent that the fair value of the loans has decreased, the Company records an unrealized loss on
the Excess Retention. Underwriting of loans pursuant to the warehouse facility is subject to joint
credit approval by the Company and CIBC. As of June&nbsp;30, 2011, the maximum aggregate principal
amount of the warehouse facility was $1.5&nbsp;billion, of which the Company utilized $147.5&nbsp;million
($78.0&nbsp;million as of December&nbsp;31, 2010) and had $nil in Excess Retention ($nil as of December&nbsp;31,
2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is obligated to settle transactions with brokers and other financial institutions even
if its clients fail to meet their obligations to the Company. Clients are required to complete
their transactions on settlement date, generally one to three business days after trade date. If
clients do not fulfill their contractual obligations, the Company may incur losses. The Company has
clearing/participating arrangements with the National Securities Clearing Corporation (&#147;NSCC&#148;), the
Fixed Income Clearing Corporation (&#147;FICC&#148;), R.J. O&#146;Brien &#038; Associates (commodities transactions)
and others. With respect to its business in resale and repurchase agreements, substantially all
open contracts at June&nbsp;30, 2011 are with the FICC<B>. </B>In addition, the Company recently began clearing
its non-U.S. international equities buusiness carried on through Oppenheimer Europe through BNP
Paribas Securities Services. The clearing corporations have the right to charge the Company for
losses that result from a client&#146;s failure to fulfill its contractual obligations. Accordingly, the
Company has credit exposures with these clearing brokers. The clearing brokers can re-hypothecate
the securities held on behalf of the Company. As the right to charge the Company has no maximum
amount and applies to all trades executed through the clearing brokers, the Company believes there
is no maximum amount assignable to this right. At June&nbsp;30, 2011, the Company had recorded no
liabilities with regard to this right. The Company&#146;s policy is to monitor the credit standing of
the clearing brokers and banks with which it conducts business.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Through its Debt Capital Markets business, the Company also participates, with other members of
loan syndications, in providing financing commitments under revolving credit facilities in
leveraged financing transactions. As of June&nbsp;30, 2011, the Company had $6.7&nbsp;million committed
under such financing arrangements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">OMHHF, which is engaged in mortgage brokerage and servicing, has obtained an uncommitted warehouse
facility line through PNC Bank (&#147;PNC&#148;) under which OMHHF pledges Federal Housing Administration
(&#147;FHA&#148;) guaranteed mortgages for a period of up to 10 business days and PNC table funds the
principal payment to the mortgagee. OMHHF repays PNC upon the securitization of the mortgage by the
Government National Mortgage Association (&#147;GNMA&#148;) and the delivery of the security to the counter
party for payment pursuant to a contemporaneous sale on the date the mortgage is funded. At June
30, 2011, OMHHF had $14.5&nbsp;million outstanding under the warehouse facility line at a variable
interest rate of 1&nbsp;month LIBOR plus 2.75%. Interest expense for the three and six months ended June
30, 2011 was $835,000 and $1.2&nbsp;million, respectively.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Variable Interest Entities (VIEs)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">VIEs are entities in which equity investors do not have the characteristics of a controlling
financial interest or do not have sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other parties. The primary
beneficiary of a VIE is the party that absorbs a majority of the entity&#146;s expected losses, receives
a majority of its expected residual returns, or both, as a result of holding variable interests.
The enterprise that is considered the primary beneficiary of a VIE consolidates the VIE.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A subsidiary of the Company serves as general partner of hedge funds and private equity funds that
were established for the purpose of providing investment alternatives to both its institutional and
qualified retail clients. The Company holds variable interests in these funds as a result of its
right to receive management and incentive fees. The Company&#146;s investment in and additional capital
commitments to these hedge funds and private equity funds are also considered variable interests.
The Company&#146;s additional capital commitments are subject to call at a later date and are limited in
amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company assesses whether it is the primary beneficiary of the hedge funds and private equity
funds in which it holds a variable interest in the context of the total general and limited partner
interests held in these funds by all parties. In each instance, the Company has determined that it
is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity
funds. The subsidiaries&#146; general partnership interests, additional capital commitments, and
management fees receivable represent its maximum exposure to loss. The subsidiaries&#146; general
partnership interests and management fees receivable are included in other assets on the condensed
consolidated balance sheet.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following tables set forth the total VIE assets, the carrying value of the subsidiaries&#146;
variable interests, and the Company&#146;s maximum exposure to loss in Company-sponsored
non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs
in which the Company holds variable interests as at June&nbsp;30, 2011 and December&nbsp;31, 2010:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>As of June&nbsp;30, 2011</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Carrying Value of the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Company&#146;s Variable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exposure</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VIE Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Loss in Non-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Commitments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>consolidated VIEs</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,825,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Equity Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,964,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>As of December&nbsp;31, 2010</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Carrying Value of the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Company&#146;s Variable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exposure</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>VIE Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Loss in Non-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Commitments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>consolidated VIEs</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,769,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Equity Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,926,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents the total assets of the VIEs and does not represent the Company&#146;s interests in
the VIEs.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents the Company&#146;s interests in the VIEs and is included in other assets on the
condensed consolidated balance sheet.</DIV></TD>
</TR>

</TABLE>



<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>6. Long-term debt</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Interest Rate at</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Issued</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="1" style="border-bottom: 1px solid #000000">Maturity Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">June 30, 2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD colspan="18">&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Secured Notes (a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4/15/2018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Secured Credit Note (b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7/31/2013</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated Note (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1/31/2014</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Retired on April&nbsp;12, 2011</DIV></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On April&nbsp;12, 2011, the Company completed the private placement of $200.0&nbsp;million in aggregate
principal amount of 8.75&nbsp;percent Senior Secured Notes due April&nbsp;15, 2018 at par (the &#147;Notes&#148;).The
interest on the Notes is payable semi-annually on April&nbsp;15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> and October
15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>. Proceeds from the private placement were used to retire the Senior Secured Credit
Note due 2013 ($22.4&nbsp;million) and the Subordinated Note due 2014 ($100.0&nbsp;million) (together, the
&#147;Debt&#148;) and for other general corporate purposes. The private placement resulted in the fixing of
the interest rate over the term of the Notes compared to the variable rate debt that was retired
and an extension of the debt maturity dates as described above. The cost to issue the Notes was
approximately $4.5&nbsp;million which has been capitalized during the three months ending June&nbsp;30, 2011
and amortized over the period of the Notes. The Company has written off $344,000 in unamortized
debt issuance costs related to the Senior Secured Credit Note during the three months ending June
30, 2011. Additionally, as a result of the retirement of the Subordinated Note, the effective
portion of the net loss of $1.3&nbsp;million related to the interest rate cap cash flow hedge has been
reclassified from accumulated other comprehensive income (loss)&nbsp;on the condensed consolidated
balance sheet to interest expense in the condensed consolidated statement of operations during the
three months ending June&nbsp;30, 2011.
</DIV></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The indenture for the Notes contains covenants which place restrictions on the incurrence of
indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting
of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach
of covenants and bankruptcy. The Company&#146;s obligations under the Notes are guaranteed, subject to
certain limitations, by the same subsidiaries that guaranteed the obligations under the Senior
Secured Credit Note and the Subordinated Note which were retired. These guarantees may be shared,
on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future.
At June&nbsp;30, 2011, the Company was in compliance with all of its covenants.
</DIV></TD>
</TR>



</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On July&nbsp;12, 2011, the Company&#146;s Registration Statement on Form S-4, filed to register the
exchange of the Notes for fully registered Notes, was declared effective by the SEC. The Exchange
Offer is currently scheduled to expire on August&nbsp;9, 2011.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2006, the Company issued a Senior Secured Credit Note in the amount of $125.0&nbsp;million at a
variable interest rate based on LIBOR with a seven-year term to a syndicate led by Morgan Stanley
Senior Funding Inc., as agent. In accordance with the Senior Secured Credit Note, the Company
provided certain covenants to the lenders with respect to the maintenance of a minimum fixed charge
ratio and maximum leverage ratio and minimum net capital requirements with respect to Oppenheimer.
</DIV></TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The principal balance of the Senior Secured Credit Note in the amount of $22.4&nbsp;million was repaid
in full on April&nbsp;12, 2011 in connection with the issuance of the Senior Secured Note described in
(a)&nbsp;above.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The effective interest rate on the Senior Secured Credit Note for the period outstanding in the
three months ended June&nbsp;30, 2011 was 4.88%. Interest expense, as well as interest paid on a cash
basis for the three and six months ended June&nbsp;30, 2011, on the Senior Secured Credit Note was
$35,000 and $306,000, respectively ($388,000 and $775,000, respectively, in the three and six
months ended June&nbsp;30, 2010).
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On January&nbsp;14, 2008, in connection with the acquisition of certain businesses from CIBC World
Markets Corp., CIBC made a loan in the amount of $100.0&nbsp;million and the Company issued a
Subordinated Note to CIBC in the amount of $100.0&nbsp;million at a variable interest rate based on
LIBOR. The purpose of this note was to support the capital requirements of the acquired business.
In accordance with the Subordinated Note, the Company provided certain covenants to CIBC with
respect to the maintenance of a minimum fixed charge ratio and maximum leverage ratio and minimum
net capital requirements with respect to Oppenheimer.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The principal balance of the Subordinated Note in the amount of $100.0&nbsp;million was repaid in full
on April&nbsp;12, 2011 in connection with the issuance of the Senior Secured Notes described in (a)
above.
</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The effective interest rate on the Subordinated Note for the period outstanding in three months
ended June&nbsp;30, 2011 was 5.55%. Interest expense, as well as interest paid on a cash basis for the
three and six months ended June&nbsp;30, 2011, on the Subordinated Note was $185,000 and $1.6&nbsp;million,
respectively ($1.4&nbsp;million and $2.8&nbsp;million for the three and six months ended June&nbsp;30, 2010).
</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>7. Share capital</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table reflects changes in the number of shares of Class&nbsp;A Stock outstanding for the
periods indicated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Stock outstanding, beginning of
period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,535,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,241,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,268,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,118,001</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued pursuant to the share-based
compensation plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A Stock outstanding, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,568,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,253,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,568,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,253,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>8. Net capital requirements</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform
net capital requirements of the SEC under Rule&nbsp;15c3-1 (the &#147;Rule&#148;). Oppenheimer computes its net
capital requirements under the alternative method provided for in the Rule which requires that
Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as
defined in SEC Rule&nbsp;15c3-3. At June&nbsp;30, 2011, the net capital of Oppenheimer as calculated under
the Rule was $162.9&nbsp;million or 13.2% of Oppenheimer&#146;s aggregate debit items. This was $138.2
million in excess of the minimum required net capital at that date. Freedom computes its net
capital requirement under the basic method provided for in the Rule, which requires that Freedom
maintain net capital equal to the greater of $250,000 or 6 2/3% of aggregate indebtedness, as
defined. At June&nbsp;30, 2011, Freedom had net capital of $4.9&nbsp;million, which was $4.6&nbsp;million in
excess of the $250,000 required to be maintained at that date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the regulatory capital of Oppenheimer Europe was $4.2&nbsp;million, which was $1.9
million in excess of the $2.3&nbsp;million required to be maintained at that date. Oppenheimer Europe
computes its regulatory capital pursuant to the Fixed Overhead Method prescribed by the Financial
Services Authority of the United Kingdom.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, the regulatory capital of Oppenheimer Investments Asia Ltd. was $1.6&nbsp;million,
which was $1.3&nbsp;million in excess of the $385,000 required to be maintained on that date.
Oppenheimer Investments Asia Ltd. computes its regulatory capital pursuant to the requirements of
the Securities and Futures Commission in Hong Kong.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>9. Related party transactions</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not make loans to its officers and directors except under normal commercial terms
pursuant to client margin account agreements. These loans are fully collateralized by
employee-owned securities.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>10. Segment information</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below presents information about the reported revenue and profit before income taxes of
the Company for the periods noted. The Company&#146;s segments are described in the Company&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2010. The Company has allocated all revenue and
expenses to its segments and has eliminated the &#147;Other&#148; category. Previously reported segment
information has been revised to reflect this change. The Company&#146;s business is conducted primarily
in the United States with additional operations in the United Kingdom, Israel, Asia, and South
America.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below presents information about the reported revenue and profit before income taxes of
the Company for the three and six months ended June&nbsp;30, 2011 and 2010. Asset information by
reportable segment is not reported, since the Company does not produce such information for
internal use. Substantially all assets are located in the United States.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Client (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">138,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">283,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital Markets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Management (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">256,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">497,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">503,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit before income taxes:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Private Client (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital Markets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,077</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Management (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Asset management revenue is allocated 77.5% to the Private Client segment and 22.5%
to the Asset Management segment.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Revenues, classified by the major geographic areas in which they were earned for the three and six
months ended June&nbsp;30, 2011 and 2010, were as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">232,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">242,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">471,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">476,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe / Middle East</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">South America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">256,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">497,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">503,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The effective tax rate for the three-month period ended June&nbsp;30, 2011 was negatively impacted by
remeasurements of deferred tax assets arising from net operating losses related to the Company&#146;s
Israeli subsidiary, resulting in tax expense of $466,000, and from state net operating losses and
gross timing differences, resulting in net tax expense of $188,000.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>11. Subsequent events</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;29, 2011, the Company announced a cash dividend of $0.11 per share (totaling $1.4&nbsp;million)
payable on August&nbsp;26, 2011 to Class&nbsp;A and Class&nbsp;B Stockholders of record on August&nbsp;12, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;15, 2011, the Company signed a lease to occupy seven floors at 85 Broad Street in New York
City for a term of 15&nbsp;years. The Company will occupy approximately 270,000 rentable square feet in
the building. This lease represents a commitment of approximately $186.0&nbsp;million over the 15&nbsp;year
term.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;12, 2011, the Company&#146;s Registration Statement on Form S-4, filed to register the exchange
of the Notes for fully registered Notes, was declared effective by the SEC. The Exchange Offer is
currently scheduled to expire on August&nbsp;9, 2011.
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>12. Supplemental Guarantor Condensed Consolidated Financial Statements</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s Senior Secured Notes are jointly and severally and fully and unconditionally
guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the
Guarantors). Each of the Guarantors is 100% owned by the Company. The following condensed
consolidating financial statements present the financial position, results of operations and cash
flows of the Company (referred to as &#147;Parent&#148; for purposes of this note only), the Guarantor
subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the
Company. Investments in subsidiaries are accounted for using the equity method for purposes of the
consolidated presentation.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING BALANCE SHEET (unaudited)<BR>
AS AT JUNE 30, 2011
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">49,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">59,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and securities segregated for
regulatory and other purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits with clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,058</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from brokers and clearing
organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from customers, net of
allowance for credit losses of $2,430</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">923,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">923,666</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreement to
resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities owned, including amounts
pledged of $434,315, at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047,628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated loan receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Office facilities, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">491,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">890,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(191,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,190,245</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intercompany receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156,624</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,947</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>702,165</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>923,368</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,379,658</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,381,042</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>3,624,149</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING BALANCE SHEET (unaudited)<BR>
AS AT JUNE 30, 2011
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Drafts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank call loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to brokers and clearing
organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreement to
repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,168,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,168,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold, but not yet purchased, at
fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(312,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income tax, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(943</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess of fair value of acquired assets
over cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intercompany payables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,931</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>206,405</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,395</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,049,932</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(190,797</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,123,935</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity attributable to the
Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">864,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,190,245</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,760</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noncontrolling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,454</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">864,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,190,245</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>702,165</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>923,368</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,379,658</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,381,042</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,624,149</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING BALANCE SHEET (unaudited)<BR>
AS AT DECEMBER 31, 2010
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(241</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and securities segregated for
regulatory and other purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits with clearing organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from brokers and clearing
organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from customers, net of
allowance for credit losses of $2,716</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,876</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreement to
resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities owned, including amounts
pledged of $102,501, at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated loan receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,786</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Office facilities, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(347</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(152,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,114,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intercompany receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,844</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>497,135</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>850,366</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,563,455</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,290,922</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,620,034</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING BALANCE SHEET (unaudited)<BR>
AS AT DECEMBER 31, 2010
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Drafts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank call loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to brokers and clearing
organizations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payable to customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,916</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreement to
repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,456</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold, but not yet purchased, at
fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,876</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured credit note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(112,558</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income tax, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess of fair value of acquired assets
over cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intercompany payables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,571</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,084</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,238,003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(176,220</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,122,438</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity attributable to the
Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,114,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noncontrolling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">494,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,114,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>497,135</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>850,366</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,563,455</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(1,290,922</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,620,034</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)<BR>
FOR THE THREE MONTHS ENDED JUNE 30, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REVENUE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">120,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">120,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,463</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,363</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>246,225</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,070</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>244,518</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clearing and exchange fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,463</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,669</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,177</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,935</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>239,772</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,070</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>242,814</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,177</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,704</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,058</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,119</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net profit attributable to non-
Controlling interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(2,810</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net profit (loss)&nbsp;attributable to
Oppenheimer Holdings Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(309</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>188</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,622</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>(2,810</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(309</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REVENUE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">257,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">257,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(307</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,191</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,112</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>500,225</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(6,402</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>497,935</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,851</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clearing and exchange fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,613</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,443</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,191</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,510</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,690</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>483,604</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(6,402</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>486,402</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,510</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,192</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net profit attributable to non-
Controlling interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,422</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(8,095</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net profit &nbsp;attributable to
Oppenheimer Holdings Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>4,777</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>157</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,938</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>(8,095</B></TD>
    <TD><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,777</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)<BR>
FOR THE THREE MONTHS ENDED JUNE 30, 2010
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REVENUE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,761</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>257,491</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,256</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>256,996</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clearing and exchange fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>297</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,605</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>241,204</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(2,256</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>240,850</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(297</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(119</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,284</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net profit attributable to non-
controlling interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(9,380</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net profit &nbsp;attributable to
Oppenheimer Holdings Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>9,202</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>9,278</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>(9,380</B></TD>
    <TD align="left"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>9,202</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2010
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REVENUE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(276</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,957</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,776</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,520</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,220</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>504,435</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,484</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>503,171</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,483</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clearing and exchange fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,385</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>608</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>471,581</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,484</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>471,165</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(608</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(240</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(243</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(365</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(143</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net profit attributable to non-
controlling interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(18,735</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net profit &nbsp;attributable to
Oppenheimer Holdings Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>18,370</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(143</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>18,878</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(18,735</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>18,370</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited)<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2011
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net profit (loss)
to net cash used in operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(943</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of debt issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for credit losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(286</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(286</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,720</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in operating assets and
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(194,182</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,608</TD>
    <TD nowrap>)&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash provided by (used in) continuing
operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(197,593</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84,928</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>87,111</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(25,487</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of office facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,013</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(3,013</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash dividends paid on Class&nbsp;A non-voting and Class&nbsp;B voting common
stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,003</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Class&nbsp;A non-voting common
Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior secured note issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured credit note repayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,503</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,503</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated note repayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,215</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash provided by (used in) financing
activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>197,980</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(35,215</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(77,489</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(69</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash
equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of
period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(241</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>748</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>49,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>59,341</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>109,561</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPPENHEIMER HOLDINGS INC.<BR>
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited)<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2010
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Non-guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Elimin-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Expressed in thousands of dollars.</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Parent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Subsidiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">ations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Consolidated</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net profit (loss)&nbsp;for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">($365</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">($143</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net profit (loss)
to net cash used in operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of debt issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for credit losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(408</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in operating assets and
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,949</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(3,666</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(123,373</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash provided by (used in) continuing
operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(421</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,845</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(66,739</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>(3,666</B></TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(76,671</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of office facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,607</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,607</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(5,607</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash dividends paid on Class&nbsp;A non- voting and Class&nbsp;B voting common
stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,932</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,932</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Class&nbsp;A non-voting common
Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior secured credit note repayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,666</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Cash provided by (used in) financing
activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>44,409</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>3,666</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60,366</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash
equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,937</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,912</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents, beginning of
period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents, end of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,655</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,204</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>36,147</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>47,006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- /xbrl,ns -->

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="left">
<A name="C20377109"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s condensed consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America. Reference is also made to
the Company&#146;s consolidated financial statements and notes thereto found in its Annual Report on
Form 10-K for the year ended December&nbsp;31, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company engages in a broad range of activities in the securities industry, including retail
securities brokerage, institutional sales and trading, investment banking (both corporate and
public finance), research, market-making, trust services and investment advisory and asset
management services. Its principal subsidiaries are Oppenheimer &#038; Co. Inc. (&#147;Oppenheimer&#148;) and
Oppenheimer Asset Management (&#147;OAM&#148;). As at June&nbsp;30, 2011, the Company provided its services from
94 offices in 26 states located throughout the United States, offices in Tel Aviv, Israel, Hong
Kong, China, and London, England and in two offices in Latin America through local broker-dealers.
Client assets entrusted to the Company as at June&nbsp;30, 2011 totaled approximately $73.9&nbsp;billion. The
Company provides investment advisory services through OAM and Oppenheimer Investment Management
(&#147;OIM&#148;) and Oppenheimer&#146;s Fahnestock Asset Management, ALPHA and OMEGA Group divisions. The Company
provides trust services and products through Oppenheimer Trust Company. The Company provides
discount brokerage services through Freedom and through BUYandHOLD, a division of Freedom
Investments, Inc. Through OPY Credit Corp., the Company offers syndication as well as trading of
issued corporate loans. Oppenheimer Multifamily Housing and Healthcare Finance, Inc. (formerly
Evanston Financial Corporation) (&#147;OMHHF&#148;) is engaged in mortgage brokerage and servicing. At June
30, 2011, client assets under management by the asset management groups totaled $19.7&nbsp;billion. At
June&nbsp;30, 2011, the Company employed 3,670 employees (3,536 full time and 134 part time), of whom
approximately 1,421 were financial advisors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s accounting policies are essential to understanding and interpreting the financial
results reported in the condensed consolidated financial statements. The significant accounting
policies used in the preparation of the Company&#146;s condensed consolidated financial statements are
summarized in notes 1 and 2 to the Company&#146;s consolidated financial statements and notes thereto
found in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2010. Certain of those
policies are considered to be particularly important to the presentation of the Company&#146;s financial
results because they require management to make difficult, complex or subjective judgments, often
as a result of matters that are inherently uncertain.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the three months ended June&nbsp;30, 2011, there were no material changes to matters discussed
under the heading &#147;Critical Accounting Policies&#148; in Part&nbsp;II, Item&nbsp;7 of the Company&#146;s Annual Report
on Form 10-K for the year ended December&nbsp;31, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Business Environment</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The securities industry is directly affected by general economic and market conditions, including
fluctuations in volume and price levels of securities and changes in interest rates, inflation,
political events, investor participation levels, legal and regulatory, accounting, tax and
compliance requirements and competition, all of which have an impact on commissions, firm trading,
fees from accounts under investment management as well as fees for investment banking services, and
investment income as well as on liquidity. Substantial fluctuations can occur in revenues and net
income due to these and other factors.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For a number of years, the Company has offered auction rate securities (&#147;ARS&#148;) to its clients. A
significant portion of the market in ARS has &#145;failed&#146; because, in the tight credit market, the
dealers are no longer willing or able to purchase the imbalance between supply and demand for ARS.
These securities have auctions scheduled on either a 7, 28 or 35&nbsp;day cycle. Clients of the Company
own a significant amount of ARS in their individual accounts. The absence of a liquid market for
these securities presents a significant problem to clients and, as a result, to the Company. It
should be noted that this is a failure of liquidity and not a default. These securities in almost
all cases have not failed to pay interest or principal when due. These securities are fully
collateralized for the most part and, for the most part, remain good credits. The Company has not
acted as an auction agent for ARS.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Interest rates on ARS typically reset through periodic auctions. Due to the auction mechanism and
generally liquid markets, ARS have historically been categorized as Level 1 in the fair value
hierarchy. Beginning in February&nbsp;2008, uncertainties in the credit markets resulted in
substantially all of the ARS market experiencing failed auctions. Once the auctions failed, the
ARS could no longer be valued using observable prices set in the auctions. The Company has used
less observable determinants of the fair value of ARS, including the strength in the underlying
credits, announced issuer redemptions, completed issuer redemptions, and announcements from issuers
regarding their intentions with respect to their outstanding ARS. The Company has also developed
an internal methodology to discount for the lack of liquidity and non-performance risk of the
failed auctions. Key inputs include spreads on comparable Treasury yields to derive a discount
rate, an estimate of the ARS duration, and yields based on current auctions in comparable
securities that have not failed. Due to the less observable nature of these inputs, the Company
categorizes ARS in Level 3 of the fair value hierarchy. As of June&nbsp;30, 2011, the Company had a
valuation adjustment (unrealized)&nbsp;of $4.9&nbsp;million for ARS.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has sought, with limited success, financing from a number of sources to try to find
a means for all its clients to find liquidity from their ARS holdings and will continue to do so.
There can be no assurance that the Company will be successful in finding a liquidity solution for
all its clients&#146; ARS holdings. See &#147;Risk Factors &#151; The Company may continue to be adversely
affected by the failure of the Auction Rate Securities Market&#148; in the Company&#146;s Annual Report on
Form 10-K for the year ended December&nbsp;31, 2010 and &#147;Factors Affecting &#145;Forward-Looking Statements&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is focused on growing its private client and asset management businesses through
strategic additions of experienced financial advisors in its existing branch system and employment
of experienced money management personnel in its asset management business. In addition, the
Company is committed to the improvement of its technology capability to support client service and
the expansion of its capital markets capabilities while addressing the issue of managing its
expenses to better align them with the current investment environment. The Company will continue to
nurture the growth of OMMHF as well as its business in non-U.S. markets.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Regulatory and Legal Environment</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The brokerage business is subject to regulation by, among others, the Securities and Exchange
Commission (&#147;SEC&#148;) and FINRA (formerly the NYSE and NASD) in the United States, the Financial
Services Authority (&#147;FSA&#148;) in the United Kingdom, the Securities and Futures Commission in Hong
Kong (&#147;SFC&#148;), the Israeli Securities Authority (&#147;ISA&#148;) in Israel and various state securities
regulators. Events in recent years surrounding corporate accounting and other activities leading to
investor losses resulted in the enactment of the Sarbanes-Oxley Act and have caused increased
regulation of public companies. New regulations and new interpretations and enforcement of existing
regulations are creating increased costs of compliance and increased investment in systems and
procedures to comply with these more complex and onerous requirements. Increasingly, the various
states are imposing their own regulations that make the uniformity of regulation a thing of the
past, and make compliance more difficult and more expensive to monitor.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In July&nbsp;2010, Congress enacted extensive legislation entitled the Dodd-Frank Wall Street
Reform and Consumer Protection Act (&#147;Dodd Frank&#148;) in which it mandated that the SEC and other
regulators conduct comprehensive studies and issue new regulations based on their findings to
control the activities of financial institutions in order to protect the financial system, the
investing public and consumers from issues and failures that occurred in the recent financial
crisis. All relevant studies have not yet been completed, but they are widely expected to
extensively impact the regulation and practices of financial institutions including the Company.
The changes are likely to significantly reduce leverage available to financial institutions and to
increase transparency to regulators and investors of risks taken by such institutions. It is
impossible to presently predict the nature of such rulemaking, and rules adopted in the U.S. and
the United Kingdom would create a new regulator for certain activities, regulate and/or prohibit
proprietary trading for certain deposit taking institutions, control the amount and timing of
compensation to &#147;highly paid&#148; employees, create new regulations around financial transactions with
consumers requiring the adoption of a uniform fiduciary standard of care of broker-dealers and
investment advisers providing personalized investment advice about securities to retail customers,
and increase the disclosures provided to clients, and possibly create a tax on securities
transactions. If and when enacted, such regulations will likely increase compliance costs and
reduce returns earned by financial service providers and intensify compliance overall. It is
difficult to predict the nature of the final regulations and their impact on the business of the
Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The impact of the rules and requirements that were created by the passage of the Patriot Act, and
the anti-money laundering regulations (AML)&nbsp;in the U.S. and similar laws in other countries that
are related thereto have created significant costs of compliance and can be expected to continue to
do so.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to FINRA Rule&nbsp;3130 (formerly NASD Rule&nbsp;3013 and NYSE Rule&nbsp;342), the chief executive
officers (&#147;CEOs&#148;) of regulated broker-dealers (including the CEO of Oppenheimer) are required to
certify that their companies have processes in place to establish and test supervisory policies and
procedures reasonably designed to achieve compliance with federal securities laws and regulations,
including applicable regulations of self-regulatory organizations. The CEO of the Company is
required to make such a certification on an annual basis and did so in March&nbsp;2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Other Regulatory Matters</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For several quarters, Oppenheimer has been responding to information requests from the Enforcement
Staff of FINRA regarding Oppenheimer&#146;s policies and procedures in relation to, and the activities
of several financial advisors concerning, the sale of low-priced securities. The Company has
responded to numerous document requests and there have been on-the-record testimony given by
financial advisors and supervisory personnel who work in several of Oppenheimer&#146;s branch offices.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On June&nbsp;23, 2011, the Company received notice of an investigation by the SEC pursuant to which the
SEC requested information from the Company regarding the sale of a number of low-priced securities
effected primarily through one of Oppenheimer&#146;s financial advisors.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Oppenheimer is continuing to cooperate with the investigating entities and will continue to closely
monitor the activities of its financial advisors and their supervisors in relation to the sale of
low-priced securities.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s
office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the
&#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators
concerning Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those
settlements, as at June&nbsp;30, 2011, the Company had purchased approximately $67.3&nbsp;million in ARS from
its clients and expects to purchase at least an additional $6.0&nbsp;million of ARS from its clients
under the current client purchase offer. The Company&#146;s purchases of ARS from its clients will
continue on a periodic basis thereafter pursuant to the settlements with the Regulators. In
addition, the Company is committed to purchase another $49.0&nbsp;million in ARS as a result of legal
settlements with clients. The ultimate amount of ARS to be repurchased by the Company cannot be
predicted with any certainty and will be impacted by redemptions by issuers and client actions
during the period, which cannot be predicted. In addition to the ARS purchases from clients of
$67.3&nbsp;million as of June&nbsp;30, 2011 referred to above, the Company also held $2.1&nbsp;million in ARS in
its proprietary trading account as of June&nbsp;30, 2011 as a result of the failed auctions in February
2008. These ARS positions primarily represent Auction Rate Preferred Securities issued by
closed-end funds and, to a lesser extent, Municipal Auction Rate Securities which are municipal
bonds wrapped by municipal bond insurance and Student Loan Auction Rate Securities which are
asset-backed securities backed by student loans (collectively referred to as &#147;ARS&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s clients held at Oppenheimer approximately $406.8&nbsp;million of ARS at June&nbsp;30, 2011,
exclusive of amounts that 1) were owned by Qualified Institutional Buyers (&#147;QIBs&#148;), 2) were
transferred to the Company after February&nbsp;2008, 3) were purchased by clients after February&nbsp;2008,
or 4) were transferred from the Company to other securities firms after February&nbsp;2008. This
represents a decrease of $78.0&nbsp;million from amounts that our clients held as of March&nbsp;31, 2011 as a
result of issuer redemptions and purchases by the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See &#147;Risk Factors &#151; The Company may continue to be adversely affected by the failure of the
Auction Rate Securities Market,&#148; appearing in Item&nbsp;1A to the Company&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2010 and &#147;Legal Proceedings&#148; herein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Other Matters</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A subsidiary of the Company was the administrative agent for two closed-end funds until December&nbsp;5,
2005. The Company has been advised by the current administrative agent for these two funds that the
Internal Revenue Service (&#147;IRS&#148;) may file a claim for interest and penalties for one of these funds
with respect to the 2004 tax year as a result of an alleged failure of such subsidiary to take
certain actions. Representatives of the fund have been in discussions with the IRS on behalf of
that fund to resolve the matter. There is no guarantee that a resolution will be reached. To the
extent there is a resolution of this matter, a contribution to such resolution may need to be made
by the Company and others. The Company will continue to monitor developments in this matter.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2008, Oppenheimer commenced an action against Metal Management Inc. (&#147;Metal&#148;) in the
United States District Court for the Southern District of New York (the &#147;Court&#148;) to collect an
unpaid fee related to an investment banking transaction. On June&nbsp;20, 2011, the Court issued an
order granting Oppenheimer&#146;s motion for summary judgment. On July&nbsp;25, 2011, Metal appealed such
order to the United States Court of Appeals for the Second Circuit. Oppenheimer is contemplating a
cross-appeal to seek recovery of attorney fees and costs. There is no guarantee that a
cross-appeal, if filed, will be successful or that the Court&#146;s order will be affirmed during the
appeal process.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company operates in all state jurisdictions in the United States and is thus subject to
regulation and enforcement under the laws and regulations of each of these jurisdictions. The
Company has been and expects that it will continue to be subject to investigations and some or all
of these may result in enforcement proceedings as a result of its business conducted in the various
states.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of its ongoing business, the Company records reserves for legal expenses, judgments, fines
and/or awards attributable to litigation and regulatory matters. In connection therewith, the
Company has maintained its legal reserves at levels it believes will resolve outstanding matters,
but may increase or decrease such reserves as matters warrant. In accordance with applicable
accounting guidance, the Company establishes reserves for litigation and regulatory matters when
those matters present loss contingencies that are both probable and reasonably estimable. When loss
contingencies are not both probable and reasonably estimable, the Company does not establish
reserves. In some of the matters described below under &#147;Legal Proceedings&#148;, including but not
limited to the <I>U.S. Airways </I>matter, loss contingencies are not probable and reasonably estimable in
the view of management and, accordingly, reserves have not been established for those matters. See
&#147;Legal Proceedings&#148; herein and note 13 to the consolidated financial statements appearing in Item&nbsp;8
to the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Business Continuity</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is committed to an on-going investment in its technology and communications
infrastructure including extensive business continuity planning and investment. These costs are
on-going and the Company believes that current and future costs will remain high due to business
and regulatory requirements. This investment increased in 2008 and 2009 as a result of the January
2008 acquisition of certain businesses from CIBC and the Company&#146;s need to build out its platform
to accommodate these businesses. The Company made infrastructure investments for technology in 2010
when it built a new data center both to accommodate its existing and future business and to
restructure its disaster recovery planning.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Outlook</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s long-term plan is to continue to expand existing offices by hiring experienced
professionals as well as through the purchase of operating branch offices from other broker dealers
or the opening of new branch offices in attractive locations, thus maximizing the potential of each
office and the development of existing trading, investment banking, investment advisory and other
activities. Equally important is the search for viable acquisition candidates. As opportunities are
presented, it is the long-term intention of the Company to pursue growth by acquisition where a
comfortable match can be found in terms of corporate goals and personnel at a price that would
provide the Company&#146;s stockholders with incremental value. The Company may review additional
potential acquisition opportunities, and will continue to focus its attention on the management of
its existing business. In addition, the Company is committed to improving its technology
capabilities to support client service and the expansion of its capital markets capabilities.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company reported a net loss of $309,000 or ($0.02) per share for the second quarter of 2011
compared to a net profit of $9.2&nbsp;million or $0.69 per share in the second quarter of 2010. Revenue
for the second quarter of 2011 was $244.5&nbsp;million compared to revenue of $257.0&nbsp;million in the
second quarter of 2010, a decrease of 4.9%. Client assets entrusted to the Company and under
management totaled approximately $73.9&nbsp;billion while client assets under fee-based programs offered
by the asset management groups totaled approximately $19.7&nbsp;billion at June&nbsp;30, 2011 ($66.9&nbsp;billion
and $14.7&nbsp;billion, respectively, at June&nbsp;30, 2010). Second quarter results were
negatively impacted by costs of $4.6&nbsp;million associated with refinancing our long-term debt as
well as significant continuing costs associated with auction rate securities matters.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Net profit for the six months ended June&nbsp;30, 2011 was $4.8&nbsp;million or $0.35 per share compared to
$18.4&nbsp;million or $1.38 per share in the same period of 2010. Revenue for the six months ended June
30, 2011 was $497.9&nbsp;million, a decrease of 1.0% compared to $503.2&nbsp;million in the same period of
2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Repercussions from the tsunami in Japan, volatile commodity prices, and uncertainty around
sovereign debt quality both in Europe and the U.S. has led to a slowing of economic growth amid
protracted high levels of unemployment. Amid these conditions, the U.S. equity and debt markets
were volatile but with extremely low volume levels and low levels of investor participation. While
corporate earnings are likely to continue to show improvement over the near term, the confidence of
consumers remains low and the protracted decline in housing prices continues to restrict job growth
and consumer spending. The recent agreement on the U.S. debt ceiling will lift one element of
uncertainty, but the long-term budget issues facing the U.S. remain a drag on the economy and the
willingness of business to create new jobs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Oppenheimer&#146;s results were significantly affected by the conditions described above as well as by
matters more closely tied to the Company. The Company&#146;s institutional business, both equity and
fixed income, was adversely affected by low volume levels, volatility and client reluctance to try
to decipher the markets&#146; future direction amid the volatility of price action during the second
quarter of 2011. Investment banking income declined for the period mostly due to the comparison to
2010 when that quarter&#146;s income was favorably impacted by a large fee earned on a single
transaction. Fee based programs within our asset management business continued to show favorable
comparisons as the equity markets were near their highs at the time these fee amounts were
determined. The effective tax rate for the three-month period ended June&nbsp;30, 2011 was negatively
impacted by remeasurements of deferred tax assets arising from net operating losses related to the
Company&#146;s Israeli subsidiary, resulting in tax expense of $466,000, and from state net operating
losses and gross timing differences, resulting in net tax expense of $188,000.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table and discussion summarizes the changes in the major revenue and expense
categories for the periods presented:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">June 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2011 versus 2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2011 versus 2010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period to</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period to</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period to</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Percentage</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue -</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(18,792</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-13.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(20,134</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-7.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Principal transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,465</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-20.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-34.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,619</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-7.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,478</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses -</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Compensation and related expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,868</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-2.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clearing and exchanges fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,523</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-19.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-12.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Communications and technology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(231</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-1.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(732</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Occupancy and equipment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">67.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Profit before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,442</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-89.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,473</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-64.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,018</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-79.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-58.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-95.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,027</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-67.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit attributable to non-
controlling interest, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">66.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net profit (loss)&nbsp;attributable to
Oppenheimer Holdings Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9,511</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-103.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-74.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Highlights of the Company&#146;s results for the three and six months ended June&nbsp;30, 2011 follow:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Revenue and Expenses</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Revenue &#151; Second Quarter 2011</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Commission revenue was $120.8&nbsp;million for the second quarter of 2011, a decrease of
13.5% compared to $139.6&nbsp;million in the second quarter of 2010. Weak investor
sentiment and volatile markets in the 2011 period contributed to the decline.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Principal transactions revenue was $13.3&nbsp;million in the second quarter of 2011 compared
to $16.8&nbsp;million in the second quarter of 2010, a decrease of 20.6%. The decrease stems
from lower income from firm investments (a net loss of $2.0&nbsp;million for the second quarter
of 2011 compared to a net loss of $144,000 for the second quarter of 2010) and lower fixed
income trading revenue ($15.4&nbsp;million in the second quarter of 2011 compared to $17.4
million in the second quarter of 2010).</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest revenue was $13.6&nbsp;million in the second quarter of 2011, an increase of 21.9%
compared to $11.2&nbsp;million in the second quarter of 2010. The increase is primarily
attributable to increased interest earned by the government trading desk of $515,000 as a
result of higher inventory balances as well as an increase in margin revenue of $757,000
as a result of higher margin debit balances.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investment banking revenue was $33.7&nbsp;million in the second quarter of 2011, a decrease
of 7.2% compared to $36.3&nbsp;million in the second quarter of 2010 with decreased fee income
related to private placements of $10.4&nbsp;million, offset by an increase of $6.3&nbsp;million in
advisory services and an increase of $1.5&nbsp;million in fees relating to equity issuances.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advisory fees were $50.1&nbsp;million in the second quarter of 2011, an increase of 13.8%
compared to $44.0&nbsp;million in the second quarter of 2010. Asset management fees increased
by $6.7&nbsp;million in the second quarter of 2011 compared to the same period in 2010 as a
result of an increase in the value of assets under management of 17.1% during the period.
Asset management fees are calculated based on client assets under management at the end of
the prior quarter which totaled $19.9&nbsp;billion at March&nbsp;31, 2011 ($17.0&nbsp;billion at March
31, 2010). The increase in asset management fees was offset by a decrease in fees earned
on money market products of $581,000 as the Company continues to waive money market fee
income. The Company waived $6.3&nbsp;million in money market fees during the period ($5.7
million in the second quarter of 2010).</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other revenue was $13.0&nbsp;million in the second quarter of 2011, an increase of 42.5%
compared to $9.1&nbsp;million in the second quarter of 2010 primarily as a result of a $2.5
million increase in the mark-to-market value of Company-owned life insurance policies that
relate to our employee deferred compensation programs (which are largely offset by an
increase in employee compensation liabilities and expense). In addition, fees generated
from Oppenheimer Multifamily Housing &#038; Healthcare Finance, Inc. (&#147;OMHHF&#148;) (formerly called
Evanston Financial Corporation) increased by $2.0&nbsp;million in the second quarter of 2011
compared to the second quarter of 2010.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Revenue &#151; Year-to-date 2011</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Commission revenue was $257.6&nbsp;million for the six months ended June&nbsp;30, 2011, a
decrease of 7.3% compared to $277.8&nbsp;million in the same period of 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Principal transactions revenue was $24.3&nbsp;million in the six months ended June&nbsp;30, 2011
compared to $37.0&nbsp;million in the same period of 2010, a decrease of 34.2%. The decrease
stems from lower income from loan trading and sales ($484,000 for the six months ended
June&nbsp;30, 2011 compared to $4.7&nbsp;million in the same period of 2010) as a result of the loss
of personnel and lower fixed income trading revenue ($24.9&nbsp;million in the six months ended
June&nbsp;30, 2011 compared to $31.4&nbsp;million in the same period of 2010).</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest revenue was $28.4&nbsp;million in the six months ended June&nbsp;30, 2011, an increase
of 36.9% compared to $20.8&nbsp;million in the same period of 2010. The increase is primarily
attributable to interest earned by the government trading desk of $4.4&nbsp;million as a result
of higher inventory balances as well as an increase in margin revenue of $1.3&nbsp;million as a
result of higher margin debit balances.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Investment banking revenue was $62.2&nbsp;million in the six months ended June&nbsp;30, 2011, an
increase of 1.0% compared to $61.5&nbsp;million in the same period of 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advisory fees were $98.5&nbsp;million in the six months ended June&nbsp;30, 2011, an increase of
13.5% compared to $86.8&nbsp;million in the same period of 2010. Asset management fees
increased by $11.9&nbsp;million in the six months ended June&nbsp;30, 2010 compared to the same
period in 2010 as a result of an increase in the value of assets under management during
the period. The increase in asset management fees was offset by a decrease in fees earned
on money market products of $892,000 as the Company continues to waive money market fee
income. The Company waived $12.2&nbsp;million in money market fees during the period ($11.8
million in the second quarter of 2010).</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other revenue was $26.9&nbsp;million in the six months ended June&nbsp;30, 2011, an increase of
38.9% compared to $19.4&nbsp;million in the same period of 2010 primarily as a result of a $2.7
million increase in the mark-to-market value of Company-owned life insurance policies that
relate to our employee deferred compensation programs as well as a $5.5&nbsp;million increase
in fees generated from OMHHF in the six months ended June&nbsp;30, 2011 compared to the same
period in 2010.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Expenses &#151; Second Quarter 2011</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Compensation and related expenses decreased 2.4% in the second quarter of 2011 to
$160.4&nbsp;million compared to $164.3&nbsp;million in the second quarter of 2010. Decreases in
production-related compensation expense of $2.7&nbsp;million tracked the decrease in revenue in
the second quarter of 2011 compared to the second quarter of 2010. In addition,
share-based compensation expense decreased by $3.5&nbsp;million in response to the decline in
the Company&#146;s stock price in the second quarter of 2011, partially offset by an increase
in deferred compensation expense of $2.1&nbsp;million compared to the second quarter of 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clearing and exchange fees decreased 19.5% to $6.3&nbsp;million in the second quarter of
2011 compared to $7.8&nbsp;million in the same period of 2010 due to lower trade execution
costs and floor brokerage fees.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Communications and technology expenses decreased 1.4% to $16.1&nbsp;million in the second
quarter of 2011 from $16.3&nbsp;million in the same period of 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Occupancy and equipment costs of $18.5&nbsp;million in the second quarter of 2011 increased
1.4% compared to $18.3&nbsp;million in the second quarter of 2010 due primarily to higher
equipment rental costs in the second quarter of 2011 compared to the second quarter of
2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest expense increased 67.0% to $10.7&nbsp;million in the second quarter of 2010 from
$6.4&nbsp;million in the same period in 2010 primarily due to increased debt service costs of
$2.2&nbsp;million incurred on the $200&nbsp;million senior secured notes which were issued to
refinance and retire the Company&#146;s senior secured credit note ($22.4&nbsp;million) and
subordinated note ($100&nbsp;million) in April&nbsp;2011. In addition, the loss of $1.6&nbsp;million on
the Company&#146;s interest rate cap which hedged the subordinated note was reclassified from
other comprehensive income (loss)&nbsp;into interest expense in the second quarter of 2011.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other expenses increased 11.0% to $30.8&nbsp;million in the second quarter of 2011 from
$27.8&nbsp;million in the same period in 2010 primarily due to increased legal costs of $1.4
million relating to client litigation and arbitration activity and legal costs to resolve
regulatory matters and professional consulting fees of $1.0&nbsp;million.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Expenses &#151; Year-to-date 2011</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Compensation and related expenses increased 2.6% in the six months ended June&nbsp;30, 2011
to $330.9&nbsp;million compared to $322.5&nbsp;million in the same period of 2010. The increase was
primarily due to increases in share-based compensation expense and deferred compensation
expense of $3.1&nbsp;million and $2.8&nbsp;million, respectively, in the six months ended June&nbsp;30,
2011 compared to the same period in 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clearing and exchange fees decreased 12.3% to $12.6&nbsp;million in the six months ended
June&nbsp;30, 2011 compared to $14.4&nbsp;million in the same period of 2010 due to lower trade
execution costs and floor brokerage fees.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Communications and technology expenses decreased 2.2% to $32.0&nbsp;million in the six
months ended June&nbsp;30, 2011 from $32.7&nbsp;million in the same period of 2010 due to lower
telecommunications costs in the six months ended June&nbsp;30, 2011 compared to the same period
in 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Occupancy and equipment costs of $37.1&nbsp;million in the six months ended June&nbsp;30, 2011
increased by 0.9% compared to $36.7&nbsp;million in the same period of 2010.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest expense increased 57.8% to $18.4&nbsp;million in the six months ended June&nbsp;30, 2011
from $11.7&nbsp;million in the same period in 2010 primarily due to increased debt service
costs of $2.1&nbsp;million incurred on the $200&nbsp;million senior secured notes which were issued
to refinance and retire the Company&#146;s senior secured credit note ($22.4&nbsp;million) and
subordinated note ($100&nbsp;million) in April&nbsp;2011. In addition, the loss of $1.6&nbsp;million on
the Company&#146;s interest rate cap which hedged the subordinated note was reclassified from
other comprehensive income (loss)&nbsp;into interest expense in the second quarter of 2011.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other expenses increased 4.3% to $55.4&nbsp;million in the six months ended June&nbsp;30, 2011
from $53.1&nbsp;million in the same period in 2010 primarily due to increased legal costs of
$832,000 relating to client litigation and arbitration activity and legal costs to resolve
regulatory matters and professional consulting fees of $1.4&nbsp;million.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Total assets at June&nbsp;30, 2011 increased by 38.3% from December&nbsp;31, 2010 levels due in large part to
the Company&#146;s expansion of its government trading desk. The Company satisfies its need for
short-term funds from internally generated funds and collateralized and uncollateralized
borrowings, consisting primarily of bank loans, stock loans and uncommitted lines of credit. The
Company finances its trading in government securities through the use of repurchase agreements. The
Company&#146;s longer-term capital needs are met through the issuance of the Senior Secured Note (see
&#147;Refinancing&#148; below). The amount of Oppenheimer&#146;s bank borrowings fluctuates in response to changes
in the level of the Company&#146;s securities inventories and customer margin debt, changes in stock
loan balances and changes in notes receivable from employees. The Company believes that such
availability will continue going forward but current conditions in the credit markets may make the
availability of bank financing more challenging in the months ahead. Oppenheimer has arrangements
with banks for borrowings on a fully-collateralized basis. At June&nbsp;30, 2011, the Company had $159.0
million of such borrowings outstanding compared to outstanding borrowings of $147.0&nbsp;million at
December&nbsp;31, 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Volatility in the financial markets, and the continuance of credit problems throughout the national
economy, has had an adverse affect on the availability of credit through traditional sources. As a
result of concern about the ability of markets generally and the strength of counterparties
specifically, many lenders have reduced and, in some cases, ceased to provide funding to the
Company on both a secured and unsecured basis.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August 5, 2011, Standard &#038; Poor&#146;s lowered
its long term sovereign credit rating on the United States of America from AAA to AA&#043;.
While the ultimate impact of such action is inherently unpredictable, this downgrade could have material adverse impact on
financial markets and economic conditions throughout the world, including, specifically, the United States. Moreover, the market&#146;s
anticipation of these impact could have a material adverse effect on our business, financial condition and liquidity. The negative
impacts that may result from this downgrade or any future downgrade could adversely affect our credit ratings, as well as those of
our clients and/or counterparties and could require us to post additional collateral on loans collateralized by U.S. Treasury
securities. The unprecedented nature of this and any future negative credit rating actions with respect to U.S. government
obligations will make any impacts on our business, financial condition and liquidity unpredictable. See Item 1A &#147;Risk Factors-
The Recent Downgrade of U.S. Long Term Sovereign Debt Obligations May Adversely Affect Markets and Our
Business&#148; in this Quarterly Report on Form 10-Q.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2010, Oppenheimer finalized settlements with each of the New York Attorney General&#146;s
office (&#147;NYAG&#148;) and the Massachusetts Securities Division (&#147;MSD&#148; and, together with the NYAG, the
&#147;Regulators&#148;) concluding investigations and administrative proceedings by the Regulators concerning
Oppenheimer&#146;s marketing and sale of auction rate securities (&#147;ARS&#148;). Pursuant to those settlements,
as at June&nbsp;30, 2011, the Company had purchased approximately $67.3&nbsp;million in ARS from its clients
and expects to purchase at least an additional $6.0&nbsp;million of ARS from its clients under the
current client purchase offer. The Company&#146;s purchases of ARS from its clients will continue on a
periodic basis thereafter pursuant to the settlements with the Regulators. In addition,
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">the Company is committed to purchase another $49.0&nbsp;million in ARS as a result of legal settlements
with clients. The ultimate amount of ARS to be repurchased by the Company cannot be predicted with
any certainty and will be impacted by redemptions by issuers and client actions during the period,
which cannot be predicted. In addition to the ARS purchases from clients of $67.3&nbsp;million as of
June&nbsp;30, 2011 referred to above, the Company also held $2.1&nbsp;million in ARS in its proprietary
trading account as of June&nbsp;30, 2011 as a result of the failed auctions in February&nbsp;2008. These ARS
positions primarily represent Auction Rate Preferred Securities issued by closed-end funds and, to
a lesser extent, Municipal Auction Rate Securities which are municipal bonds wrapped by municipal
bond insurance and Student Loan Auction Rate Securities which are asset-backed securities backed by
student loans (collectively referred to as &#147;ARS&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Refinancing</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On April&nbsp;12, 2011, the Company completed the private placement of $200.0&nbsp;million in aggregate
principal amount of 8.75&nbsp;percent Senior Secured Notes (&#147;Notes&#148;) due April&nbsp;15, 2018 at par. The
interest on the Notes is payable semi-annually on April&nbsp;15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> and October
15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>. Proceeds from the private placement were used to retire the Morgan Stanley Senior
Secured Credit Note due 2013 ($22.4&nbsp;million) and the CIBC Subordinated Note due 2014 ($100.0
million) (together the &#147;Debt&#148;) and for other general corporate purposes. The private placement
resulted in the fixing of the interest rate over the term of the Notes compared to the variable
rate debt that was retired and an extension of the debt maturity dates as described above. The cost
to issue the Notes was approximately $4.5&nbsp;million which has been capitalized during the three
months ending June&nbsp;30, 2011 and will be amortized over the period of the Notes. The Company wrote
off $344,000 in unamortized debt issuance costs related to the Senior Secured Credit Note during
the three months ending June&nbsp;30, 2011. Additionally, as a result of the retirement of the
Subordinated Note, the effective portion of the net loss of $1.3&nbsp;million related to the interest
rate cap cash flow hedge has been reclassified from accumulated other comprehensive income (loss)
on the condensed consolidated balance sheet to interest expense on the condensed consolidated
statement of operations during the three months ending June&nbsp;30, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The indenture for the Notes contains covenants which place restrictions on the incurrence of
indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting
of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach
of covenants and bankruptcy. The Company&#146;s obligations under the Notes are guaranteed, subject to
certain limitations, by the same subsidiaries that guaranteed the obligations under the Senior
Secured Credit Note and the Subordinated Note which were retired. These guarantees may be shared,
on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future.
The Notes were filed as an exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the quarterly
period ended March&nbsp;31, 2011. At June&nbsp;30, 2011, the Company was in compliance with all of its
covenants.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;12, 2011, the Company&#146;s Registration Statement on Form S-4, filed to register the exchange
of the Notes for fully registered Notes, was declared effective by the SEC. The Exchange Offer is
currently scheduled to expire on August&nbsp;9, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Lease commitment</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;15, 2011, the Company signed a lease to occupy seven floors at 85 Broad Street in New York
City for a term of 15&nbsp;years. The Company will occupy approximately 270,000 rentable square feet in
the building. This lease represents a commitment of approximately $184.5&nbsp;million over the 15&nbsp;year
term.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the most part, the Company&#146;s assets consist of cash and assets which can be readily converted
into cash. Receivable from dealers and clearing organizations represents deposits for securities
borrowed transactions, margin deposits or current transactions awaiting settlement. Receivable from
customers represents margin balances and amounts due on transactions awaiting settlement. Our
receivables are, for the most part, collateralized by marketable securities. The Company&#146;s
collateral maintenance policies and procedures are designed to limit the Company&#146;s exposure to
credit risk. Securities owned, with the exception of the ARS, are mainly comprised of actively
trading, readily marketable securities. The Company advanced $7.9&nbsp;million in forgivable notes, net
to financial advisors for the three months ended June&nbsp;30, 2011 ($10.5&nbsp;million for the three months
ended June&nbsp;30, 2010) as upfront or backend inducements. The amount of funds allocated to such
inducements will vary with market conditions and available opportunities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company satisfies its need for short-term liquidity from internally generated funds,
collateralized and uncollateralized bank borrowings, stock loans and repurchase agreements. Bank
borrowings are collateralized by firm and customer securities. In addition, letters of credit are
issued in the normal course of business to satisfy certain collateral requirements in lieu of
depositing cash or securities.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company does not repatriate the earnings of its foreign subsidiaries. Foreign earnings are
permanently reinvested for the use of the foreign subsidiaries and therefore these foreign earnings
are not available to satisfy the domestic liquidity requirements of the Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are
generally payable on demand and bear interest at various rates not exceeding the broker call rate.
At June&nbsp;30, 2011, bank call loans were $159.0&nbsp;million ($62.4&nbsp;million at June&nbsp;30, 2010). Average
bank loans outstanding for the three and six months ended June&nbsp;30, 2011 were $264.5&nbsp;million and
$193.4&nbsp;million, respectively ($61.3&nbsp;million and $56.2&nbsp;million, respectively, for the three and six
months ended June&nbsp;30, 2010). The largest bank loan outstanding for the three and six months ended
June&nbsp;30, 2011 was $304.3&nbsp;million ($144.2&nbsp;million for the three and six months ended June&nbsp;30, 2010).
The average weighted interest rate applicable on June&nbsp;30, 2011 was 1.3%.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At June&nbsp;30, 2011, stock loan balances totaled $309.9&nbsp;million ($327.7&nbsp;million at June&nbsp;30, 2010). The
average daily stock loan balance for the three and six months ended June&nbsp;30, 2011 was $396.4
million and $369.8&nbsp;million, respectively ($374.5&nbsp;million and $393.7&nbsp;million, respectively, for the
three and six months ended June&nbsp;30, 2010). The largest stock loan balances for both the three and
six months ended June&nbsp;30, 2011 was $471.9&nbsp;million ($426.0&nbsp;million and $456.1&nbsp;million, respectively,
for the three and six months ended June&nbsp;30, 2010).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The aggregate amount of stock loan and borrowing activity has increased as equity markets have
improved and as the values of the underlying securities have increased. Client demand for margin
borrowing has increased somewhat and with it the desire to establish &#147;short&#148; positions which
creates further demand for stock borrowing activity to fulfill the obligation to complete delivery.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Securities purchased under agreements to sell (repurchase agreements) and securities sold under
agreements to repurchase (resale agreements ) are used by the Company when acting as intermediary
between borrowers and lenders of short-term funds and to provide funding for various inventory
positions. At June&nbsp;30, 2011, the total value of the resale agreements and repurchase agreements
were $556.9&nbsp;million and $1.2&nbsp;billion, respectively. At June&nbsp;30, 2011, the fair value under the fair
value option of the resale agreements and repurchase agreements were $556.9&nbsp;million and $nil,
respectively. At June&nbsp;30, 2011, the gross balances of resale agreements and repurchase agreements
were $7.7&nbsp;billion and $8.2&nbsp;billion, respectively. The average daily balance of resale agreements
and repurchase agreements on a gross basis for the three months ended June&nbsp;30, 2011 was $5.4
billion and $6.1&nbsp;billion, respectively. The largest amount of resale agreements and repurchase
agreements outstanding on a gross basis during the three months ended June&nbsp;30, 2011 was $8.2
billion and $8.8&nbsp;billion, respectively.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">OMHHF, which is engaged in mortgage brokerage and servicing, has obtained an uncommitted warehouse
facility line through PNC Bank (&#147;PNC&#148;) under which OMHHF pledges Federal Housing Administration
(&#147;FHA&#148;) guaranteed mortgages for a period of up to 10 business days and PNC table funds the
principal payment to the mortgagee. OMHHF repays PNC upon the securitization of the mortgage by the
Government National Mortgage Association (&#147;GNMA&#148;) and the delivery of the security to the counter
party for payment pursuant to a contemporaneous sale on the date the mortgage is funded. At June
30, 2011, OMHHF had $14.5&nbsp;million outstanding under the warehouse facility line at a variable
interest rate of 1&nbsp;month LIBOR plus 2.75%. Interest expense for the three and six months ended June
30, 2011 was $835,000 and $1.2&nbsp;million, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity Management</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company manages its need for liquidity on a daily basis to ensure compliance with regulatory
requirements. The Company&#146;s liquidity needs may be affected by market conditions, increased
inventory positions, business expansion and other unanticipated occurrences. In the event that
existing financial resources do not satisfy the Company&#146;s needs, the Company may have to seek
additional external financing. The availability of such additional external financing may depend on
market factors outside the Company&#146;s control.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Funding Risk</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in thousands of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">For the six months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">June 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(76,671</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">56,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(21,912</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management believes that funds from operations, combined with the Company&#146;s capital base and
available credit facilities, are sufficient for the Company&#146;s liquidity needs in the foreseeable
future. (See Factors Affecting &#147;Forward-Looking Statements&#148;).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other Matters</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the second quarter of 2011, the Company issued 33,882 shares of Class&nbsp;A Stock pursuant to
the Company&#146;s share-based compensation programs.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On May&nbsp;27, 2011, the Company paid cash dividends of $0.11 per share of Class&nbsp;A and Class&nbsp;B Stock
totaling approximately $1.5&nbsp;million from available cash on hand.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On July&nbsp;28, 2011, the Board of Directors declared a regular quarterly cash dividend of $0.11 per
share of Class&nbsp;A and Class&nbsp;B Stock payable on August&nbsp;26, 2011 to stockholders of record on August
12, 2011.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The book value of the Company&#146;s Class&nbsp;A and Class&nbsp;B Stock was $36.30 at June&nbsp;30, 2011 compared to
$35.34 at June&nbsp;30, 2010, based on total outstanding shares of 13,668,625 and 13,352,702,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The diluted weighted average number of shares of Class&nbsp;A and Class&nbsp;B Stock outstanding for the
three months ended June&nbsp;30, 2011 was 13,937,375 compared to 13,899,340 outstanding for the same
period in 2010.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Off-Balance Sheet Arrangements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information concerning the Company&#146;s off-balance sheet arrangements is included in Note 5 of the
notes to the condensed consolidated financial statements. Such information is hereby incorporated
by reference.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Contractual and Contingent Obligations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has contractual obligations to make payments to CIBC in connection with the acquisition
in the form of an earn-out to be paid in 2013 as described in note 18 of the consolidated financial
statements for the year ended December&nbsp;31, 2010 appearing in Item&nbsp;8 of the Company&#146;s Annual Report
of Form 10-K for the year ended December&nbsp;31, 2010. On April&nbsp;12, 2011, the Company repaid the
remaining debt assumed upon the acquisition from the proceeds of new senior secured notes issued
in the amount of $200.0&nbsp;million. See note 6 to the condensed consolidated financial statements.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth these contractual and contingent commitments as at June&nbsp;30, 2011.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Expressed in millions of dollars.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Less than 1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">More than</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">1-3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">3-5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum rentals (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Committed capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earn-out</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revolving commitment (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Secured Notes (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARS purchase offers (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents unfunded commitments to provide revolving credit facilities by OPY Credit Corp.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Senior Secured Credit Note and the Subordinated Note were retired on April&nbsp;12, 2011 and
the Company issued $200&nbsp;million in 8.75% Senior Secured Notes due April&nbsp;15, 2018.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents payments to be made pursuant to the ARS settlements entered into with Regulators
in February&nbsp;2010 as well as commitments to purchase ARS as a result of legal settlements. See
note 13 to the consolidated financial statements for the year ended December&nbsp;31, 2010
appearing in Item&nbsp;8 of the Company&#146;s Annual Report on Form 10-K for the year ended December
31, 2010.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">On July&nbsp;15, 2011, the Company signed a lease to occupy seven floors at 85 Broad Street in New
York City for a term of 15&nbsp;years. The commitment of $186.0&nbsp;million related to this lease has
not been included in the table.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>New Accounting Pronouncements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See Note 2 to the condensed consolidated financial statements. Such information is hereby
incorporated by reference.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Factors Affecting &#147;Forward-Looking Statements&#148;</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company may publish &#147;Forward-looking statements&#148; within the meaning of
Section&nbsp;27A of the Securities Act, and Section&nbsp;21E of the Exchange Act or make oral statements that
constitute forward-looking statements. These forward-looking statements may relate to such matters
as anticipated financial performance, future revenues or earnings, business prospects, projected
ventures, new products, anticipated market performance, and similar matters. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to
comply with the terms of the safe harbor, the Company cautions readers that a variety of factors
could cause the Company&#146;s actual results to differ materially from the anticipated results or other
expectations expressed in the Company&#146;s forward-looking statements. These risks and uncertainties,
many of which are beyond the Company&#146;s control, include, but are not limited to: (i)&nbsp;transaction
volume in the securities markets, (ii)&nbsp;the volatility of the securities markets, (iii)&nbsp;fluctuations
in interest rates, (iv)&nbsp;changes in regulatory requirements which could affect the cost and method
of doing business and reduce returns, (v)&nbsp;fluctuations in currency rates, (vi)&nbsp;general economic
conditions, both domestic and international, (vii)&nbsp;changes in the rate of inflation and the related
impact on the securities markets, (viii)&nbsp;competition from existing financial institutions and other
participants in the securities markets, (ix)&nbsp;legal developments affecting the litigation experience
of the securities industry and the Company, including developments arising from the failure of the
Auction Rate Securities markets and the results of pending litigation involving the Company, (x)
changes in federal and state tax laws which could affect the popularity of products sold by the
Company or impose taxes on securities transactions, (xi)&nbsp;the effectiveness of efforts to reduce
costs and eliminate overlap, (xii)&nbsp;war and nuclear confrontation as well as political unrest and
regime changes, (xiii)&nbsp;the Company&#146;s ability to achieve its business plan, (xiv)&nbsp;corporate
governance issues, (xv)&nbsp;the impact of the credit crisis and tight credit markets on business
operations, (xvi)&nbsp;the effect of bailout, financial reform and related legislation including,
without limitation, the Dodd-Frank Act, (xvii)&nbsp;the consolidation of the banking and financial
services industry, (xviii)&nbsp;the effects of the economy on the Company&#146;s ability to find and maintain
financing options and liquidity, (xix)&nbsp;credit, operations, legal and regulatory risks, and (xx)
risks related to foreign operations. There can be no assurance that the Company has correctly or
completely identified and assessed all of the factors affecting the Company&#146;s business. The Company
does not undertake any obligation to publicly update or revise any forward-looking statements.
</DIV>

<DIV align="left">
<A name="C20377110"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Quantitative and Qualitative Disclosures About Market Risk</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the three months ended June&nbsp;30, 2011, there were no material changes to the information
contained in Part&nbsp;II, Item&nbsp;7A of the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2010.
</DIV>

<DIV align="left">
<A name="C20377111"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Controls and Procedures</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company carried out an evaluation, under the supervision and with the participation of
management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of its disclosure controls and procedures as defined in Rule&nbsp;13a&#151;15(e)
and 15d-15(e) of the Securities Exchange Act of 1934. Based on this evaluation, the Company&#146;s Chief
Executive Officer and Chief Financial Officer concluded that the Company&#146;s disclosure controls and
procedures were effective as of the end of the period covered by this report.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management, including the Chief Executive Officer and Chief Financial Officer, does not expect
that the Company&#146;s disclosure controls and procedures or its internal controls will prevent all
error and all fraud. A control system, no matter how well conceived and operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system are met. Further, the
design of a control system must reflect the fact that there are resource constraints and the
benefits of controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, within the Company have been detected. These
inherent limitations include, but are not limited to, the realities that judgments in
decision&#151;making can be faulty and that break-downs can occur because of a simple error or
omission. Additionally, controls can be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the control. The design of any system
of controls also is based, in part, upon certain assumptions about the likelihood of future events
and there can be no assurance that any design will succeed in achieving its stated goals under all
potential future conditions; over time, controls may become inadequate because of changes in
conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of
the inherent limitations in a cost&#151;effective control system, misstatements due to error or fraud
may occur and not be detected.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company confirms that its management, including its Chief Executive Officer and its Chief
Financial Officer, concluded that the Company&#146;s disclosure controls and procedures are effective to
ensure that the information required to be disclosed by the Company in its reports filed under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the SEC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Changes in Internal Control over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There have been no significant changes in the Company&#146;s internal control over financial reporting
(as defined in Rule&nbsp;13a-15(f) of the Securities Exchange Act of 1934) during the three months ended
June&nbsp;30, 2011 that have materially affected, or are reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left">
<A name="C20377112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II<BR>
OTHER INFORMATION</B>
</DIV>

<DIV align="left">
<A name="C20377113"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ITEM 1. Legal Proceedings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Many aspects of the Company&#146;s business involve substantial risks of liability. In the normal course
of business, the Company has been the subject of customer complaints and has been named as a
defendant or co-defendant in various lawsuits or arbitrations creating substantial exposure. The
incidences of these types of claims have increased since the onset of the credit crisis and the
resulting market disruptions. The Company is also involved from time to time in certain
governmental and self-regulatory agency investigations and proceedings. These proceedings arise
primarily from securities brokerage, asset management and investment banking activities. There has
been an increased incidence of regulatory investigations in the financial services industry in
recent years, including customer claims, which seek substantial penalties, fines or other monetary
relief.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While the ultimate resolution of routine pending litigation and other matters cannot be currently
determined, in the opinion of management, after consultation with legal counsel, the Company does
not believe that the resolution of these matters will have a material adverse effect on its
financial condition. However, the Company&#146;s results of operations could be materially affected
during any period if liabilities in that period differ from prior estimates.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B>Notwithstanding the foregoing, an adverse result in any of the matters set forth below or
multiple adverse results in arbitrations and litigations currently filed or to be filed against the
Company, including arbitrations and litigations relating to auction rate securities, would have a
material adverse effect on the Company&#146;s results of operations and financial condition, including
its cash position. There are currently eight auction rate arbitrations, including the U.S. Airways
arbitration discussed in more detail below, scheduled to commence prior to December&nbsp;31, 2011.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The materiality of legal matters to the Company&#146;s future operating results depends on the level of
future results of operations as well as the timing and ultimate outcome of such legal matters. See
&#147;Risk Factors &#151; The Company may continue to be adversely affected by the failure of the Auction
Rate Securities Market&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2010, as well as &#147;Factors Affecting &#145;Forward-Looking Statements&#146;&#148; and &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations &#151; Regulatory and Legal Environment &#151;
Other Regulatory Matters and &#151; Other Matters.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Auction Rate Securities Matters</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For a number of years, the Company offered auction rate securities (&#147;ARS&#148;) to its clients. A
significant portion of the market in ARS &#145;failed&#146; in February&nbsp;2008 due to credit market conditions,
and dealers were no longer willing or able to purchase the imbalance between supply and demand for
ARS. See &#147;Risk Factors &#151; The Company may continue to be adversely affected by the failure of the
Auction Rate Securities Market&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2010 as well as &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations &#151; Regulatory and Legal Environment &#151; Other Regulatory Matters and &#151; Other
Matters.&#148;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Oppenheimer offered ARS to its clients in the same manner as dozens of other &#147;downstream&#148; firms in
the ARS marketplace &#151; as an available cash management option for clients seeking to increase their
yields on short-term investments similar to a money market fund. The Company believes that
Oppenheimer&#146;s participation therefore differs dramatically from that of the larger broker-dealers
who underwrote and provided supporting bids in the auctions and who subsequently entered into
settlements with state and federal regulators, agreeing to purchase billions of dollars of their
clients&#146; ARS holdings. Unlike these other broker-dealers, Oppenheimer did not act as the lead or
sole lead managing underwriter or dealer in any ARS auctions during the relevant time period, did
not enter support bids to ensure that any ARS auctions cleared, and played no role in any decision
by the lead underwriters or broker-dealers to discontinue entering support bids and allowing
auctions to fail.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As previously disclosed, Oppenheimer entered into a Consent Order (the &#147;Order&#148;) pursuant to the
Massachusetts Uniform Securities Act on February&nbsp;26, 2010 settling a pending administrative
proceeding against the respondents related to Oppenheimer&#146;s sales of ARS to retail and other
investors in the Commonwealth of Massachusetts. Oppenheimer did not admit or deny any of the
findings or allegations contained in the underlying administrative complaint. Oppenheimer agreed
to pay, and has paid, the external costs incurred by the Massachusetts Securities Division (the
&#147;MSD&#148;) related to the investigation and the administrative proceeding in the amount of $250,000.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As previously disclosed, on February&nbsp;23, 2010, the New York Attorney General (&#147;NYAG&#148;) accepted
Oppenheimer&#146;s offer of settlement and entered an Assurance of Discontinuance (&#147;AOD&#148;) pursuant to
New York State Executive Law Section&nbsp;63(15) in connection with Oppenheimer&#146;s marketing and sale of
ARS. Oppenheimer did not admit or deny any of the findings or allegations contained in the AOD and
no fine was imposed.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the terms of the Order, Oppenheimer commenced several offers to purchase Eligible ARS
(as defined in the Order) from Customer Accounts (as defined in the Order) during 2010. Pursuant to
the Order, the Company made an initial offer to purchase ARS from Massachusetts customers on May
21, 2010 which closed on August&nbsp;4, 2010. Pursuant to the Order, on August&nbsp;19, 2010, Oppenheimer
commenced a second offer to purchase Eligible ARS from Massachusetts customers which closed on
October&nbsp;6, 2010. In addition, pursuant to the terms of the AOD, the Company made an initial offer
to purchase ARS from Eligible Investors on May&nbsp;21, 2010 which closed on August&nbsp;4, 2010. Pursuant to
the AOD, on December&nbsp;3, 2010, Oppenheimer commenced an additional offer to purchase Eligible ARS
from Eligible Investors which closed on February&nbsp;16, 2011. On February&nbsp;15, 2011, Oppenheimer
commenced a third and final offer to purchase additional Eligible ARS from all eligible
Massachusetts Customer Accounts which offer closed April&nbsp;7, 2011. On May&nbsp;6, 2011, pursuant to the
AOD, Oppenheimer commenced an additional offer to purchase Eligible ARS from Eligible Investors who
did not receive an initial purchase offer which offer closed on July&nbsp;22, 2011. Accounts were, and
will continue to be, aggregated on a &#147;household&#148; basis for purposes of these offers. As at June&nbsp;30,
2011, the Company had purchased approximately $74.1&nbsp;million of ARS from its clients pursuant to
these offers (of which $6.8&nbsp;million was subsequently redeemed by issuers) and expects to purchase
at least an additional $6.0&nbsp;million of ARS from its clients under the current client purchase
offer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s purchases of ARS from clients will continue on a periodic basis pursuant to the
settlements with the Regulators. Oppenheimer has agreed with the NYAG that it will offer to
purchase Eligible ARS from Eligible Investors who did not receive an initial purchase offer periodically, as excess funds become available to Oppenheimer after giving effect to the
financial and regulatory capital constraints applicable to Oppenheimer, until Oppenheimer has
extended a purchase offer to all Eligible Investors. Such offers will remain open for a period of
seventy-five days from the date on which each such offer to purchase is sent. The ultimate amount
of ARS to be repurchased by the Company cannot be predicted with any certainty and will be impacted
by redemptions by issuers and client actions during the period, which also cannot be predicted.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, Oppenheimer has agreed to work with issuers and other interested parties, including
regulatory and other authorities and industry participants, to provide liquidity solutions for
other Massachusetts clients not covered by the offers to purchase. In that regard, on May&nbsp;21, 2010,
Oppenheimer offered such clients a margin loan against marginable collateral with respect to such
account holders&#146; holdings of Eligible ARS. As of June&nbsp;30, 2011, Oppenheimer had extended margin
loans to five holders of Eligible ARS from Massachusetts.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Further, Oppenheimer has agreed to (1)&nbsp;no later than 75&nbsp;days after Oppenheimer has completed
extending a purchase offer to all Eligible Investors (as defined in the AOD), use its best efforts
to identify any Eligible Investors who purchased Eligible ARS (as defined in the AOD) and
subsequently sold those securities below par between February&nbsp;13, 2008 and February&nbsp;23, 2010 and
pay the investor the difference between par and the price at which the Eligible Investor sold the
Eligible ARS, plus reasonable interest thereon (the &#147;ARS Losses&#148;); (2)&nbsp;no later than 75&nbsp;days after
Oppenheimer has completed extending a Purchase Offer to all Eligible Investors, use its best
efforts to identify Eligible Investors who took out loans from Oppenheimer after February&nbsp;13, 2008
that were secured by Eligible ARS that were not successfully auctioning at the time the loan was
taken out from Oppenheimer and who paid interest associated with the ARS-based portion of those
loans in excess of the total interest and dividends received on the Eligible ARS during the
duration of the loan (the &#147;Loan Cost Excess&#148;) and reimburse such investors for the Loan Cost Excess
plus reasonable interest thereon; (3)&nbsp;upon providing liquidity to all Eligible Investors,
participate in a special arbitration process for the exclusive purpose of arbitrating any Eligible
Investor&#146;s claim for consequential damages against Oppenheimer related to the investor&#146;s inability
to sell Eligible ARS; and (4)&nbsp;work with issuers and other interested parties, including regulatory
and governmental entities, to expeditiously provide liquidity solutions for institutional investors
not within the definition of Small Businesses and Institutions (as defined in the AOD) that held
ARS in Oppenheimer brokerage accounts on February&nbsp;13, 2008. Oppenheimer believes that because items
(1)&nbsp;through (3)&nbsp;above will occur only after it has provided liquidity to all Eligible Investors, it
will take an extended period of time before the requirements of items (1)&nbsp;through (3)&nbsp;will take
effect.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each of the AOD and the Order provides that in the event that Oppenheimer enters into another
agreement that provides any form of benefit to any Oppenheimer ARS customer on terms more favorable
than those set forth in the AOD or the Order, Oppenheimer will immediately extend the more
favorable terms contained in such other agreement to all eligible investors. In the case of the
Order, it is limited to more favorable agreements entered into subsequent to the February&nbsp;26, 2010
Order while, in the case of the AOD, it covers more favorable agreements entered into prior and
subsequent to the February&nbsp;23, 2010 AOD. The AOD further provides that if Oppenheimer pays (or
makes any pledge or commitment to pay) to any governmental entity or regulator pursuant to any
other agreement costs or a fine or penalty or any other monetary amount, then an equivalent
payment, pledge or commitment will become immediately owed to the State of New York for the benefit
of New York residents.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Oppenheimer fails to comply with any of the terms set forth in the Order, the MSD may institute
an action to have the Order declared null and void and reinstitute the previously pending
administrative proceedings. If Oppenheimer defaults on any obligation under the AOD, the NYAG may
terminate the AOD, at his sole discretion, upon 10&nbsp;days written notice to Oppenheimer.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Reference is made to the Order between the MSD and Oppenheimer et. al, described in Item&nbsp;3 of the
Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2009 and attached as Exhibit
10.24 thereto, as well as the disclosures related thereto in the Company&#146;s Quarterly Reports on
Form 10-Q for the quarters ended March&nbsp;31, 2010, June&nbsp;30, 2010, September&nbsp;30, 2010 and March&nbsp;31,
2011 and in the Company&#146;s Annual Report on Form 10-K for the year ended December
31, 2010, for additional details of the agreements with the MSD. Reference is also made to the AOD
between the NYAG and Oppenheimer, described in Item&nbsp;3 of the Company&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2009 and attached as Exhibit&nbsp;10.22 thereto, as well as the
disclosures related thereto in the Company&#146;s Quarterly Reports on Form 10-Q for the quarters ended
March&nbsp;31, 2010, June&nbsp;30, 2010, September&nbsp;30, 2010 and March&nbsp;31, 2011 and in the Company&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2010, for additional details of the agreements
with the NYAG.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is continuing to cooperate with investigating entities from states other than
Massachusetts and New York.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2009, Oppenheimer received notification of a filing of an arbitration claim before
FINRA captioned <I>U.S. Airways v. Oppenheimer &#038; Co. Inc., et. al </I>seeking an award compelling
Oppenheimer to purchase approximately $250&nbsp;million in ARS previously purchased by U.S. Airways
through Oppenheimer (which has subsequently been reduced to a $110&nbsp;million liquidated damages
claim) or, alternatively, an award rescinding such sale. Plaintiffs&#146; seek an award of punitive
damages from Oppenheimer as well as interest on such award. Plaintiff bases its claims on numerous
causes of action including, but not limited to, fraud, gross negligence, misrepresentation and
suitability. U.S. Airways is a publicly-traded corporation that bought and sold ARS for many years
through several broker dealers, not just Oppenheimer. It is also a &#147;Qualified Institutional Buyer&#148;
(as defined in Rule&nbsp;144A of the Securities Exchange Act of 1934) and purchased ARS for cash
management purposes. On July&nbsp;10, 2009, Oppenheimer asserted a third party statement of claim
against Deutsche Bank Securities, Inc. (&#147;DBSI&#148;) and Deutsche Bank A.G. (&#147;Deutsche AG&#148;). Deutsche AG
challenged Oppenheimer&#146;s efforts to compel that entity to appear at a FINRA arbitration, since,
Deutsche AG argued, it is not a FINRA member. Subsequently, Oppenheimer deferred further action
against Deutsche AG and proceeded prosecuting its third party claim against DBSI. At the same
time, Oppenheimer filed its answer denying any liability to U.S. Airways. DBSI subsequently filed
a motion to sever the arbitration into a separate proceeding which motion was granted on July&nbsp;28,
2010. To the extent there is a determination by an arbitration panel that U.S. Airways has been
harmed, Oppenheimer&#146;s third party statement of claim against DBSI alleges that DBSI is liable to
U.S. Airways because of its role in the process of creating, marketing and procuring ratings for
certain auction rate credit-linked notes purchased by U.S. Airways. The arbitration with U.S.
Airways is currently scheduled to commence in September&nbsp;2011. No date has yet been set for the
arbitration with the DBSI. On January&nbsp;28, 2011, DBSI filed a motion to stay the DBSI arbitration.
Oppenheimer filed its opposition to the DBSI motion to stay on February&nbsp;25, 2011. On May&nbsp;25, 2011,
the arbitration panel granted DBSI&#146;s motion to stay the DBSI arbitration. On June&nbsp;10, 2011,
Oppenheimer filed a motion for reconsideration of the arbitration panel&#146;s decision to stay the
arbitration which motion for reconsideration was denied on July&nbsp;14, 2011. Oppenheimer believes it
has meritorious defenses to the claims made and intends to vigorously defend itself against the
allegations in the <I>U.S. Airways </I>action.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In April&nbsp;2009, Oppenheimer was served with a complaint in the United States District Court, Eastern
District of Kentucky captioned <I>Ashland, Inc. and Ash Three, LLC v. Oppenheimer &#038; Co. Inc. </I>seeking
compensatory and consequential damages as a result of plaintiff&#146;s purchase of approximately $194
million in ARS. Plaintiff sought an award of punitive damages from Oppenheimer as well as interest
on such award. Plaintiff based its claim on numerous causes of action including, but not limited
to, fraud, gross negligence, misrepresentation and suitability. Ashland is a publicly-traded
corporation that bought and sold ARS for many years through several broker dealers, not just
Oppenheimer. It is also a &#147;Qualified Institutional Buyer&#148; (as defined in Rule&nbsp;144A of the
Securities Exchange Act of 1934) and purchased ARS for cash management purposes. The court granted
Oppenheimer&#146;s motion to dismiss this action with prejudice on February&nbsp;22, 2010. Plaintiff filed an
appeal of this dismissal with the United States Court of Appeals for the Sixth Circuit on March&nbsp;19,
2010. On July&nbsp;28, 2011, the Court of Appeals for the Sixth Circuit affirmed the District Court&#146;s
Order dismissing plaintiff&#146;s complaint with prejudice.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2009, the Company was served with an arbitration claim before FINRA captioned <I>Hansen
Beverage Company v. Oppenheimer &#038; Co. Inc., et. al</I>. Hansen demands that its investments in
approximately $60&nbsp;million in ARS, which are illiquid and which Hansen purchased from Oppenheimer,
be rescinded. The claim alleges that Oppenheimer misrepresented liquidity and market risks in the
ARS market when recommending ARS to Hansen. Oppenheimer has filed its response to the claim and
also filed a motion to dismiss respondents Oppenheimer Holdings (&#147;Holdings&#148;) and Oppenheimer Asset
Management as parties improperly named in the arbitration. Oppenheimer Asset Management was
dismissed from the proceeding without prejudice on July&nbsp;14,
2009. The arbitration was
scheduled to commence with the remaining parties in June&nbsp;2011. On June&nbsp;21, 2011,
Oppenheimer and Hansen entered into a settlement agreement (the &#147;Settlement Agreement&#148;). Pursuant
to the Settlement Agreement, Oppenheimer agreed to (i)&nbsp;pay, and has paid, Hansen $1.6
million, and (ii)&nbsp;grant to Hansen a put option, exercisable on or after July&nbsp;1, 2013, pursuant
to which Hansen may obligate Oppenheimer to purchase up to (a) $1&nbsp;million par value of ARS then
held by Hansen on or after July&nbsp;1, 2013, (b) $1&nbsp;million par value of ARS then held by Hansen on or
after October&nbsp;1, 2013, and (c)&nbsp;commencing on or after January&nbsp;1, 2014 and on or after the first day
of each calendar quarter for each of the following nine (9)&nbsp;quarters, ARS having a par value equal
to ten percent (10%) of all ARS held and not redeemed or sold by Hansen prior to January&nbsp;1, 2014
(the &#147;Quarterly ARS Option Amount&#148;); provided that each Quarterly ARS Option Amount shall be
reduced by fifty percent (50%) of the par value of any ARS redeemed or sold in the immediately
preceding quarter; and provided, further, that the Quarterly ARS Option Amount for each quarter in
2014 shall not be less than $1&nbsp;million. At June&nbsp;30, 2011, Hansen owned approximately $24.5
million par value of ARS (which has subsequently been reduced to $21.9&nbsp;million par value of ARS)
that would be subject to the Quarterly ARS Option Amount. In consideration of the foregoing,
Hansen agreed to (i)&nbsp;dismiss all claims against Oppenheimer with prejudice, (ii)&nbsp;dismiss all claims
against Holdings without prejudice (and Holdings agreed to toll any statute of limitations until
such time as Oppenheimer has performed its obligations under the Settlement Agreement), and
(iii)&nbsp;grant to Oppenheimer a call option to purchase from Hansen any ARS held by Hansen and not
previously redeemed, sold or designated to be put to Oppenheimer as part of a Quarterly ARS Option
Amount.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In August&nbsp;2009, Oppenheimer received notification of the filing of an arbitration claim before
FINRA captioned <I>Investec Trustee (Jersey) Limited as Trustee for The St. Paul&#146;s Trust v.
Oppenheimer &#038; Co. Inc. et. al </I>seeking an award ordering Oppenheimer to repurchase approximately $80
million in ARS previously purchased by Investec as Trustee for the St. Paul&#146;s Trust, and seeking
additional damages of $7.5&nbsp;million as a result of claimant&#146;s liquidation of certain ARS positions
in a private securities transaction. Oppenheimer believes that claimant&#146;s current ARS holdings are
approximately $44.5&nbsp;million par value, with the difference resulting from issuer redemptions.
Oppenheimer filed its answer denying any liability to the claimant and asserted a counter-claim
against Investec as Trustee for the Trust, alleging that Investec, and not Oppenheimer or its
representatives, owed a fiduciary duty to the St. Paul&#146;s Trust and violated that duty. On July&nbsp;15,
2010, Investec as Trustee moved in the Supreme Court of the State of New York for a partial stay of
the arbitration, arguing that Oppenheimer&#146;s claim against Investec as Trustee is in reality a claim
against Investec itself and that Oppenheimer is inappropriately seeking damages against Investec.
On January&nbsp;4, 2011, the New York State Supreme Court denied Investec&#146;s application for a partial
stay. Investec filed a notice of appeal to the New York State Appellate Division, First Department
on January&nbsp;28, 2011. On February&nbsp;9, 2011, Oppenheimer filed its opposition to Investec&#146;s motion for
a partial stay of the arbitration proceedings and cross-moved for a stay of the arbitration in its
entirety and an adjournment of the appeal until the Appellate Division&#146;s June&nbsp;2011 term. On March&nbsp;8, 2011,
Oppenheimer&#146;s cross-motion was granted and the arbitration was stayed. On June&nbsp;16, 2011, the
Appellate Division issued an order lifting the stay. The arbitration has subsequently been
rescheduled to commence in April&nbsp;2012.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At the same time Oppenheimer filed its answer in the <I>Investec </I>matter discussed in the previous
paragraph, Oppenheimer asserted third party claims against the underwriters of the ARS still held
by claimant. Oppenheimer argued in its third party arbitration claim that those underwriters are
liable to claimant because of their role in the processing, trading, marketing and supporting of
the ARS still held by claimant and for other actions by the underwriters which lead to the
interruption in the ARS market. The underwriters filed a motion to sever the arbitration into a
separate proceeding which motion was granted on June&nbsp;18, 2010 along with a stay of the arbitration
against the underwriters. No date has yet been set for the arbitration with the underwriters.
Oppenheimer believes it has meritorious defenses to the claims made as well as third party claims
and intends to vigorously defend itself in this matter.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of June&nbsp;30, 2011, Oppenheimer and certain affiliated parties are currently named as a defendant
or respondent in approximately 31 arbitration claims before FINRA, brought by individuals and
entities who purchased ARS through Oppenheimer in amounts ranging from $25,000 to $15&nbsp;million, as
well as five court actions brought in various jurisdictions, seeking awards compelling Oppenheimer
to repurchase such ARS or, alternatively, awards rescinding such sales, based on a variety of
causes of action similar to those described above. The Company has filed, or is in the process of
filing, its responses to such claims and has participated in or is awaiting hearings regarding such
claims before FINRA or in the court actions. As of June&nbsp;30, 2011, five ARS matters were
concluded in either court or arbitration with Oppenheimer prevailing in three of those matters and
the claimants prevailing in two of those matters. The Company has purchased approximately $1
million in ARS from the prevailing claimants in those two actions. In addition, the Company is
committed to purchase another $49.1&nbsp;million in ARS from clients through 2016 and pay approximately
$2.5&nbsp;million as a result of legal settlements with clients. Oppenheimer believes it has
meritorious defenses to the claims in the pending arbitrations and court actions and intends to
vigorously defend against these claims. Oppenheimer may also implead third parties, including
underwriters where it believes such action is appropriate. It is possible that other individuals or
entities that purchased ARS from Oppenheimer may bring additional claims against Oppenheimer in the
future for repurchase or rescission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See the &#147;Risk Factors &#151; The Company may continue to be adversely affected by the failure of the
Auction Rate Securities Market,&#148; and Note 13 to the consolidated financial statements appearing in
Item&nbsp;8 in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2010 as well as
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations &#151;
Regulatory and Legal Environment &#151; Other Regulatory Matters and &#151; Other Matters.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Other Pending Matters</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the ARS cases discussed above, on or about March&nbsp;13, 2008, Oppenheimer was served in
a matter pending in the United States Bankruptcy Court, Northern District of Georgia, captioned
<I>William Perkins, Trustee for International Management Associates v. Lehman Brothers, Oppenheimer &#038;
Co. Inc., JB Oxford &#038; Co., Bank of America Securities LLC and TD Ameritrade Inc. </I>The Trustee seeks
to set aside as fraudulent transfers in excess of $25&nbsp;million in funds embezzled by the sole
portfolio manager for International Management Associates, a hedge fund. Said portfolio manager
purportedly used the broker dealer defendants, including Oppenheimer, as conduits for his
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">embezzlement. Oppenheimer filed its answer to the complaint on June&nbsp;18, 2010. Oppenheimer filed a
motion for summary judgment, which was argued on March&nbsp;31, 2011. Immediately thereafter, the
Bankruptcy Court dismissed all of the Trustee&#146;s claims against all defendants including
Oppenheimer. In June&nbsp;2011, the Trustee filed an appeal with the United States District Court for
the Northern District of Georgia. In addition, on June&nbsp;10, 2011, the Trustee filed a petition for
permission to appeal the dismissal with the United States Court of Appeals for the Eleventh
Circuit. On July&nbsp;27, 2011, the Court of Appeals for the Eleventh Circuit denied the Trustee&#146;s
Petition. Oppenheimer believes it has meritorious defenses to the claims made against it and
intends to defend itself vigorously.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2010, the Company received a notice from counsel representing a receiver appointed by a
state district court in Oklahoma (the &#147;Receiver&#148;) to oversee a liquidation proceeding of Providence
Property and Casualty Insurance Company (&#147;Providence&#148;), an Oklahoma insurance company. That notice
demanded the return of Providence&#146;s municipal bond portfolio of approximately $55&nbsp;million that had
been custodied at Oppenheimer beginning in January&nbsp;2009. In January&nbsp;2009, the municipal bond
portfolio had been transferred to an insurance holding company, Park Avenue Insurance LLC (&#147;Park
Avenue&#148;), as part of a purchase and sale transaction. Park Avenue used the portfolio as collateral
for a margin loan used to fund the purchase of Providence from Providence&#146;s parent. On October
19, 2010, Oppenheimer was named as a co-defendant in a complaint filed by the Receiver in state
district court for Oklahoma County, Oklahoma captioned <I>State of Oklahoma, ex rel. Kim Holland,
Insurance Commissioner, as Receiver for Park Avenue Property and Casualty Insurance Company v.
Providence Holdings, Inc., Falcon Holdings, LLC et. al </I>alleging<I>, </I>that all defendants conspired to
unlawfully transfer the assets of Providence to Park Avenue. In addition to Oppenheimer, the
complaint names as defendants nine individuals alleging they were members of the board of directors
of Oppenheimer &#038; Co. Inc. during the time period at issue. In fact, for the time period alleged,
six of these individuals were not members of such board. The complaint was subsequently amended to
name three individuals including the Chairman and Chief Executive Officer, who is the only
individual who has been served, who were directors of Oppenheimer &#038; Co. Inc. at the time of the
events in question. The complaint alleges causes of action for negligence, breach of fiduciary
duty and trespass to chattel and/or conversion and seeks actual damages of $102&nbsp;million, punitive
damages, interest and costs, including attorneys&#146; fees. Oppenheimer moved to remove the matter to
the United States District Court, Western District of Oklahoma on December&nbsp;2, 2010. Thereafter,
the Receiver moved to remand the matter to the District Court of Oklahoma County, Oklahoma.
Oppenheimer filed its opposition to this motion on February&nbsp;3, 2011; the motion to remand was
granted on February&nbsp;24, 2011. On January&nbsp;18, 2011 and March&nbsp;28, 2011, motions to dismiss the
complaint were filed on behalf of Oppenheimer and the Chairman and Chief Executive Officer,
respectively. On June&nbsp;17, 2011, the motion to dismiss Oppenheimer was deferred and the motion to
dismiss the Chairman and Chief Executive Officer was granted in its entirety. Discovery has not
yet commenced. Oppenheimer believes it has meritorious defenses to the claims raised and intends
to defend against these claims vigorously.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On June&nbsp;24, 2011, Oppenheimer was served with a petition in a matter pending in state court in
Collin County, Texas captioned <I>Jerry Lancaster, Providence Holdings, Inc., Falcon Holdings, LLC and
Derek Lancaster v. Oppenheimer &#038; Co., Inc., Oppenheimer Trust Company, Charles Antonuicci, Alan
Reichman, John Carley, Park Avenue Insurance, LLC and Park Avenue Bank</I>. The action requests
unspecified damages, including exemplary damages, for Oppenheimer&#146;s alleged breach of fiduciary
duty, negligent hiring, fraud, conversion, conspiracy, breach of contract, unjust enrichment and
violation of the Texas Business and Commerce Code. The first amended petition alleges that
Oppenheimer held itself out as having expertise in the insurance industry generally and managing
insurance companies&#146; investment portfolios but inappropriately allowed plaintiffs&#146; bond portfolios
to be used by Park Avenue Insurance Company to secure the sale of Providence Property
and Casualty Insurance Company to Park Avenue Insurance Company. Oppenheimer believes it has
meritorious defenses to the claims raised and intends to defend against these claims vigorously
including seeking dismissal of the claims against it.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In September&nbsp;2010, Oppenheimer was named as a co-defendant in a complaint filed in the United
States District Court for the Southern District of New York captioned <I>TPTCC NY, Inc., The Proton
Institute of NY, LLC, and NY Medscan, LLC v. Radiation Therapy Services Inc., New York Proton
Management LLC et. al </I>alleging that all defendants conspired to eliminate plaintiffs as competitors
in providing a developing cancer treatment in the Greater New York Area. Oppenheimer provided
certain investment banking services to the various parties. The complaint alleges causes of action
for violation of the Sherman Act, conversion, misappropriation of trade secrets, unfair
competition, and breaches of fiduciary duty and contract, and requests damages of $350&nbsp;million,
punitive damages and injunctive relief. On November&nbsp;12, 2010, Oppenheimer filed its motion to
dismiss plaintiffs&#146; complaint, and thereafter plaintiffs filed their First Amended Complaint. On
January&nbsp;7, 2011, Oppenheimer refiled its motion to dismiss the First Amended Complaint which motion
was granted in its entirety on February&nbsp;25, 2011. On June&nbsp;3, 2011, the plaintiffs filed an appeal
of this dismissal with the United States Court of Appeals for the Second Circuit. Oppenheimer
believes it has meritorious defenses to the claims raised and intends to defend against those
claims vigorously.
</DIV>

<DIV align="left">
<A name="C20377114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 1A.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Risk Factors</B></DIV></TD>
</TR>
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the three months ended June&nbsp;30, 2011, there were no material changes to the information
contained in Part&nbsp;I, Item&nbsp;1A of the Company&#146;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2010.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The recent downgrade of U.S.
Long Term Sovereign debt obligations may adversely affect markets and other business.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On August 5, 2011, Standard &#038; Poor&#146;s lowered its long term sovereign credit
rating on the United States of America from AAA to AA&#043;. While the ultimate impact of such action is inherently unpredictable,
this downgrade could have material adverse impact on financial markets and economic conditions throughout the world,
including, specifically, the United States. Moreover, the market&#146;s anticipation of these impact could have a material adverse effect
on our business, financial condition and liquidity. Various types of financial markets, including, but not limited to,
money markets, long-term or short-term fixed income markets, foreign exchange markets, commodities markets and equity markets
may be adversely affected by these impacts. In addition, the cost and availability of funding and certain impacts, such as increased
spreads in money market and other short term rates, have been experienced already as the market anticipated the downgrade.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The negative impacts that may result from this downgrade or
any future downgrade could adversely affect our credit ratings, as well as those of our clients and/or counterparties and could
require us to post additional collateral on loans collateralized by U.S. Treasury securities. The unprecedented nature of this and
any future negative credit rating actions with respect to U.S. government obligations will make any impact on our business,
financial condition and liquidity unpredictable. In addition any such impact may not be immediately apparent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, global markets and economic conditions have been
negatively impacted by the ability of certain European Union (&#147;EU&#148;) member states to service their sovereign debt
obligations. The continued uncertainty over the outcome of the EU governments&#146; financial support programs and the
possibility that other EU member states may experience similar financial troubles could further disrupt global markets and may
negatively impact our business, financial condition and liquidity.
</DIV>

<DIV align="left">
<A name="C20377115"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
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<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Unregistered Sales of Equity Securities and Use of Proceeds</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">See the Company&#146;s Current Report on Form 8-K filed with the Securities and Exchange
Commission on April&nbsp;12, 2011.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Proceeds from the Company&#146;s April&nbsp;12, 2011 private placement of $200.0&nbsp;million of
8.75% Senior Secured Notes due April&nbsp;15, 2018 were used to retire the Senior Secured
Credit Note due 2013 ($22.4&nbsp;million) and the Subordinated Note due 2014 ($100.0&nbsp;million)
and for other general corporate purposes.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="C20377116"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Exhibits</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lease dated July&nbsp;15, 2011 between 85 Broad Street LLC, Landlord and
Viner Finance Inc., Tenant for premises at 85 Broad Street, New York, NY</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Albert G. Lowenthal</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Elaine K. Roberts</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certification of Albert G. Lowenthal and Elaine K. Roberts</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#C20377tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left">
<A name="C20377117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized, in the
City of New York, New York on this
9<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of August, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">OPPENHEIMER HOLDINGS INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&#147;A.G. Lowenthal&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"  nowrap>A.G. Lowenthal, Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">     &#147;E.K. Roberts&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>E.K. Roberts, President and
Treasurer and Principal Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c20377exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.1</B>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXECUTION
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AGREEMENT OF LEASE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Between
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street LLC, Landlord
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">And
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Viner Finance Inc., Tenant
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">demised premises in 85 Broad Street,<BR>
New York, New York 10004
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Dated: As of July <U>15</U>, 2011
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>TABLE OF CONTENTS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">ARTICLE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAGE</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1 Rent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2 Occupancy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3 Alterations and Installations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4 Repairs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5 Requirements of Law; Fire Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6 Subordination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7 Property: Loss, Damage, Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8 Destruction: Fire or Other Cause</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9 Eminent Domain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10 Assignment, Sublease, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11 Access to Demised Premises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12 Certificate of Occupancy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13 Bankruptcy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">14 Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15 Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">16 Fees and Expenses; Landlord&#146;s Cure Rights; Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">17 No Representations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">18 End of Term; Holdover Rent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">19 Quiet Enjoyment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">20 Definitions; Maximum Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">21 Adjacent Excavation/Shoring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">22 Rules and Regulations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23 No Waiver; Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24 Waiver of Trial by Jury</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25 Force Majeure Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">27 Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">28 Tax Increase Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">29 Operating Expense Increase Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">30 Electric Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">31 Commencement of the Term; Landlord&#146;s Work</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">32 Tenant&#146;s Work, Etc.; Work Allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">33 Condominium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">34 Name of Building; Signage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">35 Invalidity of any Provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">36 Captions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">ARTICLE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAGE</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">37 Certificate of Landlord or Tenant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">38 Broker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">39 Renewal Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">40 Expansion Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">41 2017 Expansion Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">42 Offer Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">43 Termination Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">44 Roof Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">45 Relocation Right</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">46 Indemnity and Waiver of Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">47 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">48 Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">49 Arbitration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">50 Tenant&#146;s Offset Right</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">51 Interruption of Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">52 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">SCHEDULE I
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Basic Annual Rent</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">SCHEDULE II
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Building Cafeteria Rent</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT A-1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floor Plans (Office Space)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">EXHIBIT A-2
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Floor Plans (Storage Space)</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT AD
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Access Door</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">EXHIBIT AR
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alteration Rules and Regulations</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT B
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rules and Regulations</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT C
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cleaning Specifications</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT CA
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Confidentiality Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT CO
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pre-Approved Contractors</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT D
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Legal Description of Land</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT LW-1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Landlord&#146;s Work</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT LW-2
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lobby Work</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT MSC
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mechanical System Criteria</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT NDA
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acceptable Non-Disturbance &#038; Attornment Agreement</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT OE
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operating Expenses Defined</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT OEC
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">General Operating Expense Statement Categories</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT RA
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Recognition Agreement Form</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT S
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sign Specifications</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT SC
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tri-Party Sublease Consent Form</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">EXHIBIT TF
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Floor Early Access Space</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">EXHIBIT UPS
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UPS Space</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">AGREEMENT OF LEASE (this &#147;Lease&#148;) made as of July <U>15</U>, 2011, between 85 Broad Street
LLC, a Delaware limited liability company with an office c/o Metropolitan Life Insurance Company,
10 Park Avenue, Morristown, New Jersey 07962, Attention: New York Region Real Estate Investments
(&#147;Landlord&#148;) and Viner Finance Inc., a Delaware corporation with an office at 125 Broad Street, New
York, New York 10004, Attention: Mr.&nbsp;David Rogers (&#147;Tenant&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">W I T N E S S E T H:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Landlord hereby leases to Tenant and Tenant hereby hires from Landlord, in the building at 85
Broad Street, New York, New York 10004 (the &#147;Building&#148;), the following &#147;Portions&#148; (which
&#147;Portions&#148;, collectively, hereinafter, the &#147;demised premises&#148; and sometimes, non-specifically
individually, a &#147;Portion&#148;), containing, in the aggregate as agreed to by Landlord and Tenant,
269,105 rentable square feet of above-grade space, as approximately shown on the plans attached
hereto and made a part hereof as Exhibit&nbsp;A-1, and 3,938 usable square feet of below-grade space, as
approximately shown on the plan attached hereto as Exhibit&nbsp;A-2 (subject to relocation as provided
in Article&nbsp;45), for a term to commence on the date hereof and to expire (unless such term shall
sooner cease and terminate or be extended as hereinafter expressly provided) on February&nbsp;29, 2028
(as the same may be extended pursuant to Article&nbsp;39 or Section&nbsp;31.01(e) hereof, the &#147;Expiration
Date&#148;), all such dates inclusive, to wit:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(i)&nbsp;the entire rentable area of the 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor containing, as agreed to by Landlord and
Tenant, 38,037 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(ii)&nbsp;the entire rentable area of the 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> floor containing, as agreed to by Landlord and
Tenant, 37,895 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(iii)&nbsp;the entire rentable area of the 22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor containing, as agreed to by Landlord
and Tenant, 38,605 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(iv)&nbsp;the entire rentable area of the 23<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> floor containing, as agreed to by Landlord and
Tenant, 38,405 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(v)&nbsp;the entire rentable area of the 24<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor containing, as agreed to by Landlord and
Tenant, 38,404 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(vi)&nbsp;the entire rentable area of the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor containing, as agreed to by Landlord and
Tenant, 38,971 rentable square feet;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(vii)&nbsp;the entire rentable area of the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor containing, as agreed to by Landlord
and Tenant, 38,788 rentable square feet; and
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(viii)&nbsp;a portion of concourse &#147;level B2&#148; containing, as agreed to by Landlord and Tenant, 3,938
usable square feet (sometimes, hereinafter, the &#147;Storage Space&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The term &#147;Portions&#148; shall also include any Offer Space, Expansion Space, 2017 Expansion Space and
UPS Space (if applicable) leased by Tenant hereunder after the commencement of the term shall have
occurred. The rentable square footage of each Portion of the demised premises set forth above
shall be conclusive and binding upon Landlord and Tenant, and shall not be subject to
remeasurement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The parties hereto, for themselves, their heirs, distributees, executors, administrators,
legal representatives, successors and assigns, hereby covenant as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.01. Tenant shall pay basic annual rent for the demised premises in accordance with and pursuant
to Schedule&nbsp;I, attached hereto and made a part hereof from and after the Possession Date (as
hereinafter defined) with respect to each Portion of the demised premises further provided that
Tenant agrees to pay said basic annual rent in lawful money of the United States, in equal monthly
installments in advance on the first day of each calendar month during said term, at the office of
Landlord or such other place in the United States of America as Landlord may designate, without any
setoff or deduction whatsoever, except as otherwise expressly set forth in this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.02. Notwithstanding the provisions of Section&nbsp;1.01 above, provided that Tenant is not in monetary
default or material non-monetary default under this Lease beyond applicable notice and cure
periods, Tenant shall be entitled to an abatement of (i)&nbsp;basic annual rent, Tax Payments, Operating
Expense Payments and Cafeteria Rent for the period from and after the applicable Possession Date to
and including January&nbsp;31, 2013 (the &#147;Initial Rent Abatement Period&#148;), subject to modification of
the last day of the Initial Rent Abatement Period as provided in Section&nbsp;31.01(e) below, (ii)&nbsp;basic
annual rent in the amount of $77,229.81 per each month during the twelve (12)&nbsp;month period
immediately following the expiration of the Initial Rent Abatement Period (the &#147;Partial Rent
Abatement Period&#148;), and (iii)&nbsp;if applicable, basic rent as provided in Section&nbsp;32.04(b) hereof;
provided that if any such default exists during the Initial Rent Abatement Period or the Partial
Rent Abatement Period and is thereafter cured, then, except as set forth in <U>Section
31.01(a)</U> so long as no other such default then exists and the Lease remains in effect, Tenant
shall be immediately entitled to the applicable unapplied portion of the abatement after such
default has been cured; provided, further, if Tenant shall be entitled pursuant to the express
provisions of this Lease to an additional abatement of rent during any of the periods provided in
clauses (i)&nbsp;through (iii)&nbsp;above, such additional rent abatement shall be in addition to, and shall
not be concurrent with, the number of days that the applicable rent abatement provided in this
Section&nbsp;1.02 shall have been in effect.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.03. In the event an installment of basic annual rent is first due on a day other than the first
day of a month, basic annual rent and additional rent, if any, for that partial month shall be
prorated on the basis of a three hundred sixty five (365)&nbsp;day year using the actual number of days
in each month. If the term of this Lease ends on a day other than the last day of a month, basic
annual rent and additional rent shall be adjusted in the same manner as provided hereinabove.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OCCUPANCY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.01. Tenant (which for purposes of this Section&nbsp;2.01 shall include its permitted subtenants, &#147;Desk
Space Users&#148;, defined in Section&nbsp;10.10, and &#147;affiliates&#148;, defined in Section&nbsp;10.07 (collectively,
the &#147;Permitted Users&#148;)) shall use and occupy the demised premises solely for trading, investment,
banking, the general operation of a securities business, and for general, administrative and
executive business offices, storage space, and various functions ancillary to Tenant&#146;s business
operations (including, without limitation, conference centers serving Tenant&#146;s business and public
assembly space (to the extent permitted by applicable Legal Requirements and subject to Tenant
obtaining all required permits therefor), and for no other purpose. Notwithstanding the foregoing,
the Storage Area shall be used for storage, a mailroom, a messenger center and a copy center, in
each case to the extent permitted by Legal Requirements, and no other use or purpose.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In no event shall Tenant ever use or occupy, or permit to be used or occupied, all or any Portion
of the demised premises (i)&nbsp;by or for any governmental agency or government (including, without
limitation, an autonomous governmental corporation or any entity having governmental immunity) or
any diplomatic or trade mission; and/or (ii)&nbsp;as a school or college or facility providing or
furnishing training, instructional or educational services of any kind other than to its own
employees, employees of affiliates and Desk Space Users and/or (iii)&nbsp;as a retail operation of any
kind or nature (provided, however, that use of any portion of the demised premises by a brokerage
services firm shall not be considered a prohibited use so long as such brokerage services firm is
not open to the public generally), including, without limitation, as a restaurant or any facility
selling or serving food or beverages, except this sub-clause (iii)&nbsp;shall not prevent Tenant from
using a Portion of the demised premises for a cafeteria or an executive dining room exclusively for
its officers, employees, clients and guests provided (a)&nbsp;any such eating facility shall not be open
to the general public and (b)&nbsp;all municipal or governmental approvals and consents (including but
not limited to health codes) for such use are obtained and kept in full force and effect with
respect to construction and operation and no alcoholic beverages, including wine, beer and liquor
are kept, dispensed or imbibed on or at the demised premises unless permitted by law; and/or (iv)
as an employment or travel agency or airline ticket counter (provided, however, that use of any
portion of the demised premises by an executive search firm (but not an office solution firm such
as, by way of example only, Regus, HQ, Stratus Solutions or any other company operating a similar
business, which use shall be prohibited hereunder) shall not be considered a prohibited use
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">so long
as such executive search firm is not open to the  public generally); and/or (v)&nbsp;as a messenger
and/or photographic and/or reproduction service (except in connection with Tenant&#146;s business
operations, and with respect to Tenant&#146;s internal messengers provided the carts utilized have
rubber wheels and bumpers in order to prevent damage to elevator cab surfaces); and/or (vi)&nbsp;as a
mailing address or telephone answering service; and/or (vii)&nbsp;the sale of travelers&#146; checks and/or
foreign exchange; and/or (viii)&nbsp;medical or psychiatric offices (except for use exclusively by
Tenant&#146;s employees); and/or (ix)&nbsp;conduct of an auction; and/or (x)&nbsp;gambling activities; and/or (xi)
conduct of obscene, pornographic or similar disreputable activities; and/or (xii)&nbsp;offices of any
charitable, religious, union or other not-for-profit organization as Tenant&#146;s primary business,
and/or (o)&nbsp;offices of any tax exempt entity within the meaning of Section&nbsp;168(h)(2) of the Internal
Revenue Code of 1986, as amended, or any successor or substitute statute, or rule or regulation
applicable thereto. Without limiting the foregoing, the demised premises shall not be used for any
purpose which would tend to (I)&nbsp;materially and unreasonably (A)&nbsp;lower the first-class character of
the Building, (B)&nbsp;impair or interfere with any of the Building operations or the proper and
economic heating, ventilation, air-conditioning, cleaning or other servicing of the Building, or
(C)&nbsp;interfere with, annoy or disturb any other tenant or Landlord, (II)&nbsp;create excessive elevator
or floor loads (subject to Tenant&#146;s right to reinforce the floor pursuant to Section&nbsp;4.02 hereof,
or (III)&nbsp;constitute a public or private nuisance. So long as the Tenant named herein (or a
Permitted Transferee) is the Tenant under this Lease and Tenant (or a Permitted Transferee)
maintains its corporate headquarters at the Building, Landlord shall not lease: (1)&nbsp;office space
in the Building that is accessed through the Building lobby to any government or any diplomatic or
trade mission that provides off-the-street services involving heavy foot traffic (e.g., issuing
visas) to the public (or nationalities thereof) generally; (2)&nbsp;more than one (1)&nbsp;full floor of
office space in the Building or any space in the Tower Floor Stack to (aa)&nbsp;a trade or vocational
school providing or furnishing training, instructional or educational services of any kind to the
public (e.g., Apex Technical School) other than to Landlord&#146;s personnel or agents, (bb)&nbsp;a retail
user selling merchandise or apparel within such tenant&#146;s premises to off-the-street consumers, (cc)
a walk-in unemployment office generally open to the public, or (dd)&nbsp;a walk-in retail medical
facility or clinic generally open to the public; provided, that Landlord shall be permitted to
lease more than one (1)&nbsp;full floor of office space in the Building (but not in the Tower Floor
Stack) to any of the foregoing users described in this clause (2)&nbsp;provided that Landlord requires
such user to access the Building through an entrance other than the Building&#146;s main entrance (as
the same may be relocated by Landlord from time to time in accordance with the provisions of this
Lease); or (3)&nbsp;lease any space in the Building for use as a so-called &#147;adult bookstore&#148; primarily
engaged in the sale of pornographic videos or magazines. Tenant&#146;s right to enforce the covenants
set forth in the immediately preceding sentence shall be personal to the named Tenant herein and
any Permitted Transferee.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ALTERATIONS AND INSTALLATIONS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.01. Except as expressly set forth below, and in accordance with Article&nbsp;32, Tenant shall make no
alterations, installations, replacements, additions or improvements (collectively, &#147;Tenant
Alterations&#148;, which shall include Tenant&#146;s Work and Work; individually, a &#147;Tenant Alteration&#148;) in
or to the demised premises without Landlord&#146;s prior written consent to the Tenant Alterations and
the plans and specifications therefor as further provided in this Lease. All Tenant Alterations
shall be performed only by contractors, subcontractors, engineers or architects (collectively,
&#147;Contractors&#148;) selected by Tenant and approved in writing by Landlord, such approval not to be
unreasonably withheld, delayed or conditioned; <U>provided</U>, that the Contractors set forth on
Exhibit&nbsp;CO are hereby deemed approved by Landlord as of the date hereof and with respect to any
Work commenced by Tenant within one (1)&nbsp;year following the date of this Lease; <U>provided</U>,
<U>further</U>, that Landlord reserves the right to disapprove any Contractor set forth on Exhibit
CO following the date hereof if (i)&nbsp;such Contractor shall make an assignment for the benefit of
creditors or generally not be paying its debts as they become due, (ii)&nbsp;a receiver, liquidator or
trustee shall be appointed for such Contractor, (iii)&nbsp;such Contractor shall be adjudicated a
bankrupt or insolvent, (iv)&nbsp;any petition for bankruptcy, reorganization or arrangement pursuant to
federal bankruptcy law, or any similar federal or state law, shall be filed by or against,
consented to, or acquiesced in by such Contractor, (v)&nbsp;any proceeding for the dissolution or
liquidation of such Contractor shall be instituted (unless such appointment, adjudication, petition
or proceeding was involuntary and not consented to by such Contractor and the same is discharged,
stayed or dismissed within 90&nbsp;days), (vi)&nbsp;such Contractor or any principal thereof has been
convicted of a felony, or (vii)&nbsp;a lien or other attachment is filed against the Building in
connection with work performed by or on behalf of such Contractor and; provided that if, after any
such Contractor is approved by Landlord to perform Work (whether by virtue of being listed on
Exhibit&nbsp;CO or otherwise approved during the Term), one or more of the occurrences, circumstances or
matters described in the foregoing clauses (i)&nbsp;through (vii)&nbsp;shall occur with respect to such
Contractor, then Landlord shall be entitled to revoke such approval (and Tenant shall be required
to replace such Contractor) so long as Landlord reasonably believes that such occurrence,
circumstance or matter will materially adversely affect the Building or such Contractor&#146;s
performance of the Work for which such Contractor was retained. In the event Landlord fails to
respond to Tenant&#146;s request for approval of its Contractor(s) within ten (10)&nbsp;business days after
delivery of such request, Tenant shall send a second request for approval to Landlord and in the
event Landlord still fails to respond to Tenant&#146;s request for approval within three (3)&nbsp;business
days after delivery of such second request, such Contractor(s) shall be deemed approved. The
requirement that in order for Landlord&#146;s approval or consent to be deemed given in a particular
instance that Tenant send Landlord a second written request in the event of a Landlord failure to
respond to a Tenant request for a written approval, as required in this Lease in certain instances,
shall, hereinafter, be deemed the &#147;Second Request Requirement&#148;. The actual second written request
of Tenant shall be deemed the
&#147;Second Request&#148;. All such Tenant Alterations shall be performed at Tenant&#146;s sole cost and
expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tenant Alterations may be performed at any time except that, with respect to floors where Tenant
does not occupy the entire floor above and below the floor where such work is being performed, core
drilling and other activities reasonably anticipated by Landlord to create unreasonable noise
disturbances or odorous work may only be performed during the period between 7:00 P.M and 8 A.M. on
business days, and on Saturdays, Sundays and Holidays further provided that in the event any lawful
occupant of the Building reasonably claims being disturbed, such work creating unreasonable noise
disturbances or odors may only be performed between 10 P.M. and 6 A.M on business days, and on
Saturdays, Sundays and Holidays. The provisions of this paragraph shall not apply so long as
Tenant is the sole tenant accessing the Building in any manner.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the event Landlord fails to respond to Tenant&#146;s request for Landlord&#146;s approval of a Tenant
Alteration or the plans and specifications therefor within ten (10)&nbsp;business days after delivery of
such request, subject to the Second Request Requirement , and further provided that such Tenant
Alteration is to be performed in accordance with the &#147;85 Broad Street Building Rules and Standards
For New Work, Repairs and Alterations&#148; as the same may hereafter be revised, approval shall be
deemed granted in the event Landlord does not respond to the Second Request therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Landlord&#146;s consent shall not be unreasonably withheld, conditioned or delayed in order for Tenant
to make Non-Material Alterations. &#147;Non-Material Alterations&#148; mean alterations to the demised
premises that do not, subject to Section&nbsp;3.10, either adversely affect the structure of the
Building or the exterior of the Building or any portion thereof or adversely affect any &#147;Building
Systems&#148;, to wit: (a)&nbsp;mechanical, (b)&nbsp;electrical, (c)&nbsp;plumbing, (d)&nbsp;heating, ventilating and
air-conditioning (&#147;HVAC&#148;), and (e)&nbsp;life safety (in each case excluding systems for distributing any
Building service within the demised premises). Without limiting the foregoing, Landlord hereby
approves, in concept, the installation of a vault (the &#147;Vault&#148;) in the demised premises subject to
Landlord&#146;s review and approval of the plans and specifications therefor and all other provisions of
this Lease concerning the performance of Alterations and the removal of same at the end of the term
of this Lease (it being understood and agreed that the Vault shall be deemed a &#147;unique&#148; Tenant
Alteration and removed by Tenant (or, if and only if the Vault Removal Conditions are satisfied, by
Landlord following the Expiration Date) at Tenant&#146;s sole cost and expense at the expiration or
earlier termination of this Lease).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Landlord&#146;s consent shall not be required in order for Tenant to make (x)&nbsp;purely cosmetic
Non-Material Alterations (i.e., painting, carpeting and wall-covering) or (y)&nbsp;any Non-Material
Alteration or series of Non-Material Alterations that cost, in the aggregate, less than $300,000,
and do not require the issuance of a building permit or a change to the Building&#146;s certificate of
occupancy; <U>provided</U>, that Tenant shall provide Landlord with prior written notice of the
performance of any such Non-Material Alterations described in this paragraph, and such Non-Material
Alterations shall be subject to all other provisions of this Lease applicable to Tenant
Alterations.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.02. Tenant shall not permit any lien or claim for lien of any mechanic, laborer or supplier or
any other lien to be filed against any part of the Building, the demised premises or Tenant&#146;s
leasehold interest in connection with work performed, or alleged to have been performed by, or at
the direction of, or on behalf of Tenant. Tenant shall give Landlord written notice at least 15
days prior to starting work or delivery of any materials (or such earlier notice as would be
necessary pursuant to applicable Legal Requirements) to permit Landlord sufficient time, where
applicable, to post and record appropriate notices of non-responsibility. If any such lien or
claim for lien is filed, Tenant shall within 35&nbsp;days of receiving notice of such lien or claim have
such lien or claim for lien released of record by payment, deposit, bond, order of a court of
competent jurisdiction or otherwise. Tenant shall indemnify, protect, defend and hold harmless
Landlord and the Landlord Related Parties against all costs and liabilities resulting from such
lien or claim for lien and the foreclosure or attempted foreclosure thereof. If Tenant fails to
take any of the above actions, Tenant shall be deemed to be in default under this Lease, and, in
addition to all other rights and remedies available to Landlord, without investigating the validity
of such lien or claim for lien, Landlord may bond, insure over, pay or discharge the lien or claim
of lien. Tenant shall, as payment of additional rent hereunder, reimburse Landlord within thirty
(30)&nbsp;days of demand therefor for all amounts so paid by Landlord, including Landlord&#146;s expenses and
attorneys&#146; fees and interest on such amounts paid by Landlord at the Interest Rate from the date
incurred by Landlord until the date reimbursed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.03. (a)&nbsp;Landlord&#146;s Work and all other alterations, installations, additions and improvements
made and installed by Landlord, and any work undertaken by Tenant for which Landlord has paid or
made a contribution to defray the cost thereof (including, without limitation, the &#147;Work Allowance&#148;
defined in Article&nbsp;32), shall become and be the property of Landlord at the end of the term of this
Lease (and treated as such on its tax returns to the extent of the Work Allowance) and shall remain
upon and be surrendered with the demised premises as a part thereof on the Expiration Date. The
foregoing shall not apply to any items, whether or not paid for with the Work Allowance, which
constitute Tenant&#146;s movable personal property, furnishings and trade fixtures. In addition, all
Tenant Alterations which are of a permanent nature and which cannot be removed without damage to
the demised premises or Building shall become and be the property of Landlord at the end of the
term of this Lease and be surrendered with the demised premises as a part thereof on the Expiration
Date (subject to Tenant&#146;s right to make Tenant Alterations during the term of this Lease in
accordance with the provisions of this Lease) further provided that Landlord shall have the right
and privilege after review of Tenant&#146;s plans and specifications for any unique (as hereinafter
defined) Tenant Alterations to serve notice upon Tenant at the same time that Landlord grants its
approval (if such be the case) that any of such unique Tenant Alterations must be removed on or
before the Expiration Date, and, in the event of service of such notice, Tenant will, at Tenant&#146;s
own cost and expense but subject to Landlord&#146;s supervision, remove the same in accordance with such
request, and restore the area from which such unique Tenant Alteration was removed to its condition
prior to the installation of the unique Tenant Alterations in question.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notwithstanding the provisions of Section&nbsp;3.03(a) above, Tenant shall have no obligation
to remove the Vault provided that the following conditions (the &#147;Vault Removal Conditions&#148;) are
satisfied: (i)&nbsp;the Vault shall be located in the demised premises on the 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor of
the Building; and (ii)&nbsp;the size of the Vault shall not exceed 200 rentable square feet in the
aggregate. If Tenant installs the Vault and the Vault Removal Conditions are satisfied, Tenant
shall have no obligation to remove same at the end of the term; provided, if Tenant shall not
remove the Vault then Landlord shall be permitted to remove same and Tenant shall, within thirty
(30)&nbsp;days after receipt of an invoice therefor, pay Landlord&#146;s actual out-of-pocket costs (the
estimated cost of which Landlord shall provide to Tenant on or before the date on which Landlord
commences to remove the Vault based on at least three (3)&nbsp;bids for the performance of such work) of
removing the Vault following the Expiration Date and restoring the area in which the Vault is
located to substantially the condition that such area was in immediately prior to the installation
of the Vault, together with interest on such amounts at the Interest Rate from and after the
thirty-first (31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) day following Landlord&#146;s delivery of such invoice to Tenant until
such amounts are paid.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.04. For purposes of this Section&nbsp;3.04, &#147;unique&#148; Tenant Alterations shall mean all fixtures,
equipment, improvements and appurtenances attached to or built into the demised premises by or on
behalf of Tenant and that do not constitute a standard office installation, such as, by way of
example only, kitchens, vaults (including, without limitation, the Vault), safes, conveyors,
dumbwaiters, beam cuts, slab penetrations and floor openings (except up to two (2)&nbsp;slab
penetrations or floor openings per full floor that are less than four (4)&nbsp;inches in diameter),
raised flooring (except the raised flooring existing as of the date of this Lease), and internal
stairwells (except internal stairwells existing as of the date of this Lease); provided, that
&#147;unique&#148; Tenant Alterations shall exclude pantries, electrical or telecommunications risers and
conduits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Notwithstanding anything to the contrary in Section&nbsp;3.03 or elsewhere in this Lease, Landlord
agrees that except for the &#147;Required Items&#148; (defined in Section&nbsp;3.05) which must be removed by
Tenant at its expense on or before the Expiration Date, Tenant shall not be required by Landlord to
remove any Tenant Alterations or to restore the demised premises except for unique Tenant
Alterations as provided above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.05. As used herein, &#147;Required Items&#148; shall include all furniture, furnishings and removable trade
fixtures, murals, rugs, removable machines and equipment, counters, screens, grille work, and any
other movable personal property, including, without limitation, any furniture, fixtures and
equipment brought into the demised premises by or on behalf of Tenant (excluding any fixtures and
equipment, but not movable personal property or the Existing FF&#038;E (which shall constitute Required
Items), existing in the above-grade floors of the demised premises as of the applicable Possession
Date).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All such Required Items shall remain the property of Tenant and Tenant may, at its option, remove
all or any part thereof at any time prior to the Expiration Date further provided that on or prior
to the Expiration Date, Tenant must remove all of such property.
As to any such property Tenant does not remove, the same shall be, if left by Tenant, deemed
abandoned by Tenant and thereupon the same shall become the property of Landlord, subject to
Section&nbsp;3.06.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.06. If any Required Items or unique Tenant Alterations required and permitted by Landlord to be
removed by Tenant, as expressly provided in this Lease (herein, in this Section&nbsp;3.06, collectively,
the &#147;Property&#148;) are not removed on or prior to the Expiration Date, Landlord shall have the right
to remove the Property and to dispose of the same without accountability to Tenant, at the sole but
reasonable cost and expense of Tenant, which cost and expense reimbursement shall be due and
payable to Landlord from Tenant within thirty (30)&nbsp;days of Landlord&#146;s written demand, including
interest thereon at the Interest Rate from the date any such expense is billed to Tenant until the
date reimbursed. Subject to Section&nbsp;7.04(b) and Section&nbsp;46.01, in case of any damage to the
demised premises or the Building resulting from the removal of the Property, Tenant shall be
responsible to reimburse Landlord for the reasonable cost to repair such damage, except to the
extent due to Landlord&#146;s negligence or willful misconduct. Section&nbsp;3.03 and this Section&nbsp;3.06 shall
survive any termination of this Lease and shall not be deemed to confer any right of Tenant to
holdover at the expiration or earlier termination of this Lease.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.07. Tenant shall keep records of Tenant&#146;s Alterations and the cost thereof for not less than
three (3)&nbsp;years after the later of (i)&nbsp;substantial completion thereof and (ii)&nbsp;the date the final
plans and specifications approved by Landlord have been delivered to Landlord and all required
governmental approvals and sign-offs have been secured with copies delivered to Landlord, and
Tenant shall, within forty five (45)&nbsp;days after demand by Landlord, furnish to Landlord copies of
such records and cost if Landlord shall require same in connection with any proceeding to reduce
the assessed valuation of the Building, or in connection with any eminent domain or condemnation
proceeding instituted pursuant to Article&nbsp;9 hereof or in connection with any reasonable request of
Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.08. Tenant acknowledges that it understands that Landlord maintains alteration rules and
regulations for the Building covering construction, maintenance, repair or other work as set forth
on Exhibit&nbsp;AR attached hereto (the &#147;85 Broad Street Building Rules and Standards For New Work,
Repairs and Alterations&#148;) and Tenant agrees that all repairs, Tenant Alterations, Tenant&#146;s Work
and Work and other activities effected by or on behalf of Tenant in the demised premises
(including, without limitation, electrical and communications systems) shall be conducted in
accordance with and pursuant to the aforesaid alteration rules and regulations (which Landlord
agrees to apply and enforce in a uniform basis among the tenants in the Building), as well as any
applicable governmental requirements and regulations. Tenant acknowledges and agrees that it is
Tenant&#146;s responsibility to ensure that Tenant and those working for Tenant comply with the
aforesaid alteration rules and regulations as well as any other applicable governmental
requirements and regulations. Tenant additionally acknowledges that it is aware that the aforesaid
alteration rules and regulations are available for its reference and use in the Building Manager&#146;s
office further provided that Landlord agrees to deliver a complete copy of said alteration rules
and regulations and any amendments thereto to Tenant or Tenant&#146;s contractor upon request. Unless
mandated by governmental
requirement, any changes to said alteration rules and regulations shall not apply to Tenant
Alterations which have been approved by Landlord and for which work has commenced and is being
prosecuted. In case of conflict between the express provisions of this Lease and the aforesaid
alteration rules and regulations, the express terms of this Lease shall control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.09. Tenant shall pay all of Landlord&#146;s actual reasonable out-of-pocket costs and expenses
incurred in reviewing plans and specifications for Tenant Alterations; <U>provided</U>, that with
respect to the initial Tenant Work to prepare the demised premises for Tenant&#146;s initial occupancy,
Tenant shall only be required to pay all of Landlord&#146;s actual reasonable out-of-pocket costs and
expenses incurred in reviewing plans and specifications for structural or unique Tenant Alterations
(i.e., and not all other Tenant Alterations included therein). In addition to the foregoing,
Tenant shall pay all of Landlord&#146;s actual reasonable out-of-pocket costs and expenses incurred in
retaining a third party to supervise the performance of Tenant Alterations that are not
Non-Material Alterations; provided, that Tenant shall not be required to pay any such supervisory
charges in connection with the performance of the initial Tenant Work to prepare the demised
premises for Tenant&#146;s initial occupancy.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.10 Subject to the terms and conditions of this Lease, Landlord shall use reasonable efforts
(which shall not require Landlord to incur out-of-pocket costs or liability or initiate any lawsuit
or other action) to cause other tenants in the Building to grant Tenant access to portions of the
Building occupied by other tenants for the purposes of installing, servicing, maintaining and
repairing any cables, conduits, risers or piping which Tenant is permitted or required to install,
service, maintain and repair under the terms and conditions of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Any access to portions of the Building occupied by other tenants or occupants shall be expressly
subject to written consent of such tenant and any then-occupant(s) of such space(s), (collectively
for purposes of this Section&nbsp;3,10, &#147;Occupants&#148;), and the conditions such Occupants may impose for
access including but not limited to Tenant providing reasonable insurance coverage and a reasonable
indemnification by Tenant further provided that Landlord shall not be required to indemnify or
otherwise hold such Occupants harmless from Tenant&#146;s acts in connection with such access. If such
access is denied, Landlord shall have no further obligation to again request access. If such other
Occupants shall consent to access to their space(s) by Tenant for the purposes set forth above,
then Tenant shall (x)&nbsp;provide Landlord and the Occupants affected thereby with reasonable prior
written notice of the need and desired access, (y)&nbsp;schedule such access so as not to interfere with
the Occupant&#146;s business beyond a de minimis extent and (z)&nbsp;repair and restore any damage to the
Building or the Occupant&#146;s space to the condition existing immediately preceding the performance of
any work by Tenant, at Tenant&#146;s sole cost and expense. If any such other Occupant shall condition
Tenant&#146;s access to their space(s) on the provision of a third party security guard (or guards) in
such space or other personnel that would be a third party expense to Landlord, then Tenant shall
reimburse Landlord for the actual out-of-pocket cost of such security guard(s) or other personnel
within thirty (30)&nbsp;days after rendition of a bill therefor. Access to floors not occupied by
any third party shall be subject to conditions (x), (y)&nbsp;and (z)&nbsp;here above with written notice of
such request for access to be given to Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord is unable to arrange for Tenant to have access to any portion of the Building occupied
by another tenant or occupant and Landlord has the express right of access to such space for the
purpose of repair, restoration, maintenance or installation of equipment that would include the
work proposed to be performed by Tenant, then, at the request of Tenant, Landlord shall perform
such proposed work on behalf of Tenant, and Tenant shall reimburse Landlord for the actual third
party out-of-pocket cost to Landlord of such work within thirty (30)&nbsp;days of the rendition of a
bill therefor, including interest thereon at the Interest rate from the thirty-first
(31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) day following the date billed to Tenant until the date reimbursed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.11 Notwithstanding anything to the contrary contained in this Lease, but only to the extent
permitted by applicable Legal Requirements, Tenant&#146;s design professionals will be permitted to file
all drawings related to all Tenant Alterations as a professional self-certification with the DOB
(as defined in Article&nbsp;12).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REPAIRS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.01. Except as otherwise expressly set forth herein, Landlord, shall operate, maintain, repair and
replace, commensurate with comparable first class office buildings located south of Canal Street in
Manhattan (the &#147;Comparable Buildings&#148;), (i)&nbsp;the Building Systems, the structural portions (whether
inside or outside of the demised premises) of the Building, the roof structure and membrane, the
exterior walls (including the Building&#146;s curtain wall) and glass, the foundation, mullions,
columns, beams and shafts (including elevator shafts), common areas of the Building made available
to Tenant and the fan rooms, telephone, electric and janitorial closets located on floors which
include a Portion of the demised premises (whether located inside or outside the demised premises),
and (ii)&nbsp;only to the extent that Landlord&#146;s failure to operate, maintain, repair and replace same
in a manner commensurate with Comparable Buildings would adversely affect Tenant&#146;s use of the
demised premises, the non-structural portions of the Building, the floor/ceiling slabs and all
other portions of the Building (outside the demised premises) not separately demised for use by
Tenant or any other tenant, provided, with respect to this clause (ii), (x)&nbsp;Tenant shall have
notified Landlord of the condition to be maintained, repaired or replaced and provided Landlord a
reasonably detailed explanation of the adverse impact on Tenant&#146;s use of the demised premises that
would result from Landlord&#146;s failure to maintain, repair or replace same, and (y)&nbsp;Tenant shall not
be obligated to maintain and repair the same pursuant to the provisions of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;Subject to the notice requirement set forth below in this subsection (a), in the event Tenant
advises Landlord in writing that that Tenant claims Landlord has failed to perform its obligations
with respect to the repair, replacement, maintenance and operation of the Building in accordance
with the express terms of this Article&nbsp;4 (collectively, the &#147;Article&nbsp;4
Obligations&#148;), Tenant shall have the right to remedy such Landlord failure provided that (i)&nbsp;a
failure by Landlord of such Article&nbsp;4 Obligations materially adversely affects Tenant&#146;s ability to
conduct Tenant&#146;s business in any Portion of the demised premises and (ii)&nbsp;the cure for such failure
shall affect only the demised premises or the Building Systems outside of the demised premises
which services the demised premises exclusively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tenant&#146;s right to cure the foregoing Landlord failure shall be immediate in case of emergency
whereby Tenant believes, in good faith, there is (i)&nbsp;imminent threat of physical injury to persons
or (ii)&nbsp;imminent threat of damage (other than of a de minimis nature) to property that reasonably
mandates an immediate response (such as, for example, a water leak), and in all other cases Tenant
shall first deliver to Landlord written notice of such failure and if Landlord fails to cure such
failure within ten (10)&nbsp;business days after delivery of Tenant&#146;s notice, Tenant shall deliver a
second written notice of such failure to Landlord and if Landlord fails to commence and diligently
pursue the cure of such failure within three (3)&nbsp;business days after such second notice, then
Tenant shall immediately have the right to remedy such failure as provided above. If Tenant
performs any of the Article&nbsp;4 Obligations, Landlord shall pay to Tenant its reasonable
out-of-pocket costs thereof within thirty (30)&nbsp;days after a statement is given to Landlord of the
amounts of such sums and the parties to which such payment has been made, together with interest
accruing at the Interest Rate from and after such thirtieth (30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day until the date
such sums are paid by Landlord.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;In the event of any disputes regarding Tenant&#146;s exercise of its rights set forth in Section
4.01(a) above, such dispute shall be settled by expedited arbitration by a single arbitrator in
accordance with the arbitration procedure set forth in Article&nbsp;49 of this Lease. In the event
Tenant is the prevailing party in the foregoing arbitration, Landlord shall pay to Tenant interest
on the sums paid by Tenant to cure Landlord&#146;s default at the Interest Rate from the date such sums
were incurred by Tenant until the date such sums are paid by Landlord, provided that Tenant shall
bill Landlord for the sums so incurred within thirty (30)&nbsp;days after Tenant shall have incurred the
same.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;Subject to the terms of this Lease, including but not limited to Landlord&#146;s express operation,
repair, maintenance and replacement obligations set forth above in this Section&nbsp;4.01, Tenant shall,
at its sole cost and expense, maintain and make such repairs to the demised premises and the
fixtures and appurtenances therein (including, without limitation, any fixtures or appurtenances
for distributing Building services within the demised premises and any supplemental HVAC units
exclusively serving the demised premises), and any of Tenant&#146;s equipment located outside of the
demised premises, as and when needed to preserve them in good working order and condition;
provided, that Tenant shall not be responsible for any maintenance, repair or replacement to
structural components of the Building to the extent arising by virtue of Tenant&#146;s mere use of the
demised premises for office uses, as distinguished from Tenant&#146;s particular manner of use of the
demised premises; provided, further, that any maintenance, repair or replacement to structural
components of the Building or Building Systems which are Tenant&#146;s obligation to perform shall be
performed by Landlord and Tenant shall reimburse Landlord for its actual reasonable out-of-pocket
costs incurred in connection
therewith. Ancillary to Article&nbsp;3, all damage or injury to the demised premises and to its
fixtures, appurtenances and equipment or, subject to Section&nbsp;7.04(b) and Section&nbsp;46.01 of the
Lease, the Building or to its fixtures, appurtenances and equipment caused by Tenant moving
property in or out of the Building or by installation or removal of furniture, fixtures or other
property shall be repaired, restored or replaced promptly at Tenant&#146;s sole cost and expense (in
accordance with Section&nbsp;3.03), which repairs, restorations and replacements shall be in quality and
class substantially equal to the condition existing immediately prior to Tenant&#146;s damage or injury
thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.02. Tenant shall not place a load upon any floor of the demised premises exceeding the floor load
per square foot area of the demised premises which such floor was designed to carry and which is
allowed by law, unless Tenant, at its sole cost and expense, reinforces the applicable portion of
the floor in accordance with the provisions of this Lease applicable to the performance of Tenant
Alterations. Without Landlord&#146;s approval, Tenant shall not have the right to adversely impact, or
alter, existing Building support columns within the demised premises or any other portion of the
Building.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.03. Business machines and mechanical equipment belonging to Tenant which cause unreasonably
excessive or disturbing vibration or noise, cold or heat that may be transmitted to the Building
structure or to any leased space to such a degree as to be reasonably objectionable to Landlord or
to any other tenant in the Building shall be placed and maintained by Tenant at its expense in
settings of cork, rubber or spring-type vibration eliminators sufficient to absorb and prevent such
vibration or noise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.04. Landlord has the right, at any time or from time-to-time, in its reasonable discretion, to,
and may: so long as Tenant is not denied reasonable access to the demised premises or access to the
Building lobby, or the common areas on floors of the Building on which any portion of the demised
premises are located, (i)&nbsp;make such changes, alterations, additions, improvements, repairs and/or
replacements to the Building (excluding, except as set forth in Section&nbsp;11.01, the demised
premises), the systems, services (subject to Article&nbsp;27), equipment and utilities of the Building,
and the land on which the Building is located, including changing the arrangement and/or location
of, common area or public entrances, exterior fa&#231;ade, passageways, doors, doorways, corridors,
elevators, stairs, toilets and/or other common or public parts of the Building, as Landlord, in its
reasonable discretion, deems necessary, appropriate or desirable; (ii)&nbsp;build, add to, subtract
from, relocate, or otherwise use the Building (excluding the demised premises), the land on which
the Building is located, or any parts thereof, or any equipment, buildings, structures, or other
areas or facilities therein or thereon, as Landlord, in its reasonable discretion, deems necessary,
appropriate or desirable; and/or (iii)&nbsp;limit and/or restrict access to the Building or any parts
and/or take such other action (including, but not limited to, exercising its rights under clauses
(i)&nbsp;and/or (ii)&nbsp;above), as Landlord, in its reasonable discretion, deems necessary for the
security, safety health and/or welfare of the Building, its tenants, occupants and their respective
invitees, and all other persons and property located in, on or at the Building provided that in
each instance referred to in clauses (i), (ii)&nbsp;and (iii)&nbsp;the alterations, additions, improvements,
restrictions or limitations (A)&nbsp;are carried out in such a manner so as to minimize interference
with
Tenant&#146;s use and occupancy of, and access to, the demised premises; (B)&nbsp;will not adversely affect
the first class nature of the Building; (C)&nbsp;will not cause any of the windows located in the
demised premises to be blocked as a result thereof, except on a temporary basis (or a permanent
basis if required by applicable laws); (D)&nbsp;will not be made to the demised premises (except to a de
minimis extent); (E)&nbsp;will not reduce the level of security at the Building below that which is
commensurate with Comparable Buildings; and (F)&nbsp;will not materially adversely impair the visibility
of Tenant&#146;s Exterior Signage except on a temporary basis; provided, if Landlord shall relocate the
main entrance of the Building (as opposed to Landlord&#146;s creation or establishment of one or more
new dedicated Building entrances for the benefit of individual tenants), Landlord shall, at
Landlord&#146;s sole cost and expense, relocate Tenant&#146;s Exterior Signage located on the Broad Street
side of the Building to the exterior of the Building near such relocated main entrance, subject to
Landlord&#146;s right to reasonably reconfigure, redesign or resize such relocated Tenant&#146;s Exterior
Signage to conform to the configuration, design or location of such new main Building entrance so
long as the visibility of such relocated Tenant&#146;s Exterior Signage in relation to the relocated
main entrance is not materially adversely impaired as compared to the visibility of the initial
Tenant&#146;s Exterior Signage in relation to the original main entrance.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.05 For any non-emergency maintenance, repair or alteration Landlord is required or permitted to
do, Landlord shall give Tenant reasonable advance notice of such work, but not less than five (5)
business days. Notwithstanding anything to the contrary herein, the commencement of such
non-emergency maintenance, repair or alteration may be deferred, at Tenant&#146;s election by written
notice (a &#147;Work Deferral Notice&#148;) to Landlord given prior to the expiration of the aforesaid five
(5)&nbsp;business day period, for up to ten (10)&nbsp;additional days in the aggregate, if prior to the
commencement of such five (5)&nbsp;business day period Tenant shall have scheduled a board meeting or
investor conference to occur in the demised premises during the time Landlord was scheduled to
perform such work and Tenant shall have notified Landlord of same in the applicable Work Deferral
Notice; provided, that Tenant shall not be permitted to defer Landlord&#146;s performance of work more
than one (1)&nbsp;time per calendar quarter. In addition, Landlord shall cooperate with Tenant in the
scheduling of such work on such days and during such hours that will limit any interference with
Tenant&#146;s use and occupancy of the demised premises. No such repairs or alterations shall result in
a diminution of the usable space or cubic area in the demised premises beyond a de minimis amount.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Landlord shall employ contractors or laborers at so-called overtime or other premium pay rates if
necessary to make any repair required to be made by it hereunder (other than a repair necessitated
by the negligence or willful misconduct of Tenant&#146;s employees, agents, visitors while in the
demised premises, servants or contractors) to remedy any condition that (i)&nbsp;results in a denial of
access to all or any material portion of the demised premises (it being understood that solely for
purposes of this clause (i), the Tenant&#146;s trading floor shall constitute a material portion of the
demised premises), or (ii)&nbsp;is dangerous to the health and safety of persons in the demised
premises. In all other cases, at Tenant&#146;s request, Landlord shall employ contractors or laborers
at so-called overtime or other premium pay rates and incur any other costs or expenses in making
any
repairs, alterations, additions or improvements, provided that Tenant shall within thirty (30)&nbsp;days
after Landlord&#146;s rendition of a bill therefor pay to Landlord an amount equal to the difference
between the overtime or other premium pay rate and the regular pay rates for such labor and any
other overtime costs or expenses incurred by Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition, subject to Section&nbsp;7.04(b) and Section&nbsp;46.01, Landlord shall promptly repair and
restore any of Tenant&#146;s installations or improvements, fixtures, furnishings and equipment that may
be damaged by (i)&nbsp;Landlord or its agents during the course of any of Landlord&#146;s repairs,
alterations, additions or improvements to the Building or the repairs in the demised premises or
(ii)&nbsp;water damage resulting from windows located on floors on which any portion of the demised
premises exists that are damaged or leaky as of the date of this Agreement, in either case to
substantially the condition immediately existing prior to the work by Landlord or said water
damage.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 5
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REQUIREMENTS OF LAW; FIRE INSURANCE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.01. Tenant, at its expense, shall comply with all laws, orders, codes and regulations of Federal,
State, County and Municipal authorities and with any direction of any public officer or officers,
pursuant to law (sometimes, hereinafter, collectively, &#147;Legal Requirements&#148;) which shall impose any
violation, order or duty upon Landlord or Tenant with respect to the demised premises, or the use
or occupation thereof, provided such violation, order or duty arises from or results from (i)&nbsp;a
condition that has been created by, or at the instance of, Tenant; (ii)&nbsp;Tenant&#146;s use of the demised
premises (provided that (x)&nbsp;Tenant shall not be obligated to make structural changes to the demised
premises by reason of Tenant&#146;s use of the demised premises as mere office use (including conference
center use), as opposed to Tenant&#146;s particular manner of use of the demised premises, and (y)&nbsp;any
non-structural changes to the demised premises shall be performed by Landlord at Tenant&#146;s expense
if Landlord is then performing substantially similar non-structural changes in all other leasable
portions of the Building); (iii)&nbsp;Local Law 58 and/or The Americans With Disabilities Act
(collectively, &#147;ADA&#148;); (iv)&nbsp;is necessitated by reason of a breach by Tenant under this Lease; or
(v)&nbsp;is occasioned, in whole or in part, by any negligence of Tenant or any person claiming through
or under Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.02. Tenant shall not knowingly do or knowingly permit to be done any act or thing upon the
demised premises, which will invalidate or be in conflict with New York Standard fire insurance
policies covering the Building, and fixtures and property therein, or which would increase the rate
of fire insurance applicable to the Building to an amount higher than it otherwise would be;
<U>provided</U>, nothing in this Section&nbsp;5.02 shall limit or restrict Tenant&#146;s use of the demised
premises for the purposes stated in Article&nbsp;2 hereof. Landlord acknowledges and agrees that,
notwithstanding anything to the contrary in this Lease, Tenant&#146;s use of the demised premises for
the purposes permitted in Article&nbsp;2 hereof does not increase the rate of fire insurance applicable
to the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.03. If, as a result of any act or omission by Tenant in violation of this Lease by Tenant, the
rate of fire insurance applicable to the Building shall be increased to an amount higher than it
otherwise would be, Tenant shall reimburse Landlord for all increases of Landlord&#146;s fire insurance
premiums to the extent so caused within thirty (30)&nbsp;days after presentation of reasonable
documentation to Tenant of such increase and the extent to which same resulted from an act or
omission of Tenant in violation of this Lease; such reimbursement to be additional rent payable
upon the first day of the month following any outlay by Landlord for such increased fire insurance
premiums (provided, if the increase in the rate of fire insurance premiums is due to the acts of
Tenant and other tenants, Tenant shall pay its equitable share of the increase (as determined by
Landlord in good faith) in Landlord&#146;s fire insurance premiums). In any action or proceeding
concerning the rate of fire insurance applicable to the Building wherein Landlord and Tenant are
parties, a schedule or &#147;make-up&#148; of rates for the Building or demised premises issued by the body
making fire insurance rates for said premises or by the insurance carrier issuing the fire
insurance on the Building shall be presumptive evidence of the facts therein stated and of the
several items and charges in the fire insurance rate then applicable to the Building or the demised
premises.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.04 Except to the extent the same is Tenant&#146;s responsibility in accordance with the provisions of
Sections&nbsp;5.01, 5.02 and/or 5.03 above, or otherwise with the provisions of this Lease, Landlord
shall comply with all Legal Requirements in effect applicable to the non-leasable areas of the
Building and the Building Systems, but, in the case of such non-leasable areas other than those on
floors of the Building on which any portion of the demised premises is located and Building Systems
which do not serve the demised premises, only to the extent Tenant&#146;s use or occupancy of the
demised premises shall be adversely affected by Landlord&#146;s non compliance therewith, subject to
Landlord&#146;s right to contest the applicability or legality of such Legal Requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.05 Each party, at its sole cost and expense, may contest by appropriate proceedings prosecuted
diligently and in good faith, the legality or applicability of any Legal Requirements affecting
such party&#146;s obligations pursuant to this Article&nbsp;5, provided that (i)&nbsp;the other party shall not be
subject to civil or criminal penalties or fines or prosecution for a crime or any other costs or
liabilities, (ii)&nbsp;the certificate of occupancy for the demised premises or the Building or any
other licenses or permits relative to the demised premises shall not be suspended by reason of the
contesting party&#146;s exercise of its rights pursuant to this Section&nbsp;5.05, and (iii)&nbsp;with respect to
Tenant&#146;s contest of any Legal Requirements, (a)&nbsp;Tenant shall not then in be in default beyond any
applicable notice and cure periods hereunder, (b)&nbsp;Tenant shall have notified Landlord of any such
contest within five (5)&nbsp;business days&#146; following the commencement of same, and Tenant shall keep
Landlord reasonably apprised of the status thereof and (c)&nbsp;such contest shall not cause Landlord to
be in default of its obligations under any ground lease, mortgage or insurance policy then in
effect (provided Landlord has provided Tenant with a copy of the applicable provisions of the
ground lease, mortgage or insurance policy which would cause Landlord to be in default thereunder
as the result of the exercise by Tenant of its rights under this Section&nbsp;5.05).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 6<BR>
<BR>
SUBORDINATION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.01. Landlord represents that, as of the date hereof, neither the Building, nor the land on which
it is located, nor Landlord&#146;s interest in the Building or said land, is encumbered by a mortgage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.02. Subject to the terms hereof, Tenant agrees that this Lease is subject and subordinate to any
mortgage or ground lease which may now or hereafter affect the land and/or the Building and to all
renewals, modifications, consolidations, replacements and extensions thereof; <U>provided</U> that
the mortgagee under such mortgage or ground lessor under such ground lease shall have executed and
delivered a non-disturbance and attornment agreement substantially in the form attached hereto as
Exhibit&nbsp;NDA. Notwithstanding anything contained in this Section&nbsp;6.02 to the contrary, if any
mortgagee or ground lessor executes and delivers a non-disturbance and attornment agreement in the
form attached hereto as Exhibit&nbsp;NDA and Tenant either fails or refuses to execute and deliver such
agreement within ten (10)&nbsp;business days after delivery of such agreement to Tenant, then such
failure shall be a default under this Lease entitling Landlord or any mortgagee or ground lessor
(or their respective designee) succeeding to Landlord&#146;s interest hereunder to exercise any or all
remedies hereunder.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 7<BR>
<BR>
PROPERTY&#151;LOSS, DAMAGE, REIMBURSEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.01. Landlord or its agents shall not be liable for any injury or damage to persons or property
resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain, or snow or
leaks from any part of the Building, or from the pipes, appliances or plumbing works or from the
roof, street or subsurface or from any other place or by dampness or by any other cause of
whatsoever nature, unless, subject to the provisions of Section&nbsp;7.04, any of the foregoing shall be
caused by or due to the negligent act or omission of Landlord, its agents, servants or employees,
further provided that Tenant hereby expressly waives any consequential or special damages,
compensation or claims for inconvenience or loss of business, rents or profits as a result of such
injury or damage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.02. Intentionally Omitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.03. Tenant shall give Landlord notice in case of fire or accidents in the demised premises
promptly after Tenant is aware of such event.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.04. (a)&nbsp;Tenant agrees to include in its &#147;all risk&#148; insurance policy or policies covering its
furniture, furnishings, fixtures and other property removable by Tenant under the provisions of
this Lease appropriate clauses pursuant to which the insurance company or
companies (i)&nbsp;waive the right of subrogation against Landlord, its servants and employees with
respect to losses payable under such policy or policies and (ii)&nbsp;agree that such policy or policies
shall not be invalidated should the insured waive in writing prior to a loss any or all right of
recovery against any party for losses covered by such policy or policies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notwithstanding anything to the contrary that may be contained in this Lease, Landlord
hereby waives any and all right of recovery which it might otherwise have against Tenant, its
servants, agents and employees, for loss or damage occurring to the Building and the fixtures,
appurtenances and equipment therein, to the extent the same is covered by Landlord&#146;s insurance,
notwithstanding that such loss or damage may result from the negligence or fault of Tenant, its
servants, agents or employees. Provided that Tenant&#146;s right of full recovery under its aforesaid
policy or policies is not adversely affected or prejudiced thereby, and notwithstanding anything to
the contrary that may be contained in this Lease, Tenant hereby waives any and all right of
recovery which it might otherwise have against Landlord, its servants, and employees for loss or
damage to, Tenant&#146;s furniture, furnishings, fixtures and other property removable by Tenant under
the provisions hereof to the extent that same is covered by Tenant&#146;s insurance or would have been
covered by Tenant&#146;s insurance if Tenant had maintained the insurance required to be maintained
under this Lease, notwithstanding that such loss or damage may result from the negligence or fault
of Landlord, its servants, agents or employees.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Tenant hereby also agrees to notify Landlord promptly of any cancellation of any such
policy which would adversely affect the waiver of subrogation clauses provided for in subparagraph
(a)&nbsp;above. All such policies which name Landlord as insured shall, to the extent obtainable,
contain agreements by the insurers to the effect that no act or omission of any insured person will
invalidate the policy as to the other insured person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.05. Tenant shall maintain at its own cost and expense during the term of this Lease primary and
non-contributory insurance with a company or companies permitted to do business in New York State
insuring Tenant as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Commercial General Liability Insurance covering the demised premises on an occurrence
basis against all claims for personal injury, bodily injury, death and property damage, including
contractual liability coverage. Such insurance shall be consistent with the amounts required by
landlords of Comparable Buildings but not less than a combined single limit of Fifteen Million
Dollars ($15,000,000.00) (or, with respect to any subtenant subleasing no more than two (2)&nbsp;full
floors of the Building, not less than a combined single limit of Six Million Dollars
($6,000,000.00)). Such policy shall name the Landlord and any ground lessor, managing agent or
mortgagee of the Building (and such other parties as Landlord shall request), as additional
insureds and shall provide (i)&nbsp;that the same may not be canceled or terminated without at least
thirty (30)&nbsp;days written notice to Landlord and such additional named insureds by the insurance
company issuing such policy and (ii)&nbsp;that no act or omission to act of Tenant shall invalidate such
insurance as to Landlord and such additional insured person(s);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Workers&#146; Compensation Insurance for an amount of not less than the statutory amount, and
Employers Liability Insurance for an amount of not less than One Million Dollars ($1,000,000.00),
both in accordance with the laws of The State of New York;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;&#147;All Risk&#148; property insurance in an amount adequate to cover the existing improvements in
the demised premises, the full replacement cost of Tenant&#146;s Alterations, Tenant&#146;s personal property
and its furniture, furnishings, fixtures and other property removable by Tenant under the
provisions of this Lease in the event of loss; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;When reasonably required by Landlord, such other insurance against other insurable hazards
and/or such increased coverage amounts as may from time to time be commonly and customarily insured
against in Comparable Buildings.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.06. Tenant shall, on or before the first Possession Date to occur, furnish Landlord with
Certificates of Insurance showing that all insurance required by this Article is being maintained
as required herein. Upon renewal of any such insurance that expires before the expiration of this
Lease, Landlord shall be provided with renewal certificates or binders not less than thirty (30)
days prior to such expiration, together with evidence of the payment of the premiums thereon.
Certificates of insurance evidencing coverage set forth in sub-paragraph (a)&nbsp;and (d)&nbsp;of Section
7.05 above shall designate Landlord as an additional named insured, include a waiver of subrogation
for the benefit of Landlord with respect to the coverage set forth in subparagraphs (a)&nbsp;and (c)
(and, if applicable, any insurance obtained under subparagraphs (b)&nbsp;and (d)&nbsp;as to which a waiver of
subrogation is available) of Section&nbsp;7.05 above, and as to the insurance set forth in subparagraph
(c)&nbsp;of Section&nbsp;7.05 above, Landlord shall be named as &#147;loss payee&#148; for improvements that will not
be removed at the end of the term up to an amount not to exceed the amount of the Work Allowance
(less any portion thereof actually applied (i)&nbsp;as a credit toward basic rent, Tax Payments and/or
Operating Payments pursuant to Section&nbsp;32.04(b) below or (ii)&nbsp;against Qualified Soft Costs).
Receipt of each Certificate of Insurance or other documentation of insurance or copies of policies
by the Landlord or by any of its representatives which indicate less coverage than required herein
will not constitute a waiver of Tenant&#146;s obligation to fulfill said insurance requirements. Any
company issuing Tenant&#146;s insurance shall have an A.M. Best&#146;s rating of not less than A-X.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.07. Nothing contained in these insurance requirements is to be construed in any way to limit the
extent of Landlord&#146;s or Tenant&#146;s, as the case may be, responsibility, liability or payment of
damages resulting from its obligations under this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.08. Tenant shall be responsible for its own deductibles and self-insurance retentions and such
costs shall not be the responsibility or liability of the Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.09. Throughout the performance of Tenant&#146;s Work or Work, Tenant shall require and cause each
contractor retained to carry, (i)&nbsp;workers&#146; compensation insurance covering all persons employed in
connection therewith, in statutory limits, (ii) &#147;all-risk&#148; property insurance, completed value
form, covering all physical loss (including any loss of or
damage to supplies, machinery and equipment) (iii)&nbsp;commercial general liability insurance,
including independent contractor&#146;s insurance, with completed operations endorsement, with limits of
liability not less than Five Million Dollars ($5,000,000.00) combined single limit and aggregate
limit, and (iv)&nbsp;such other insurance against other insurable hazards and/or such increased coverage
amounts as may from time to time be commonly and customarily insured against in Comparable
Buildings, in each case naming Landlord, the any Building manager, the holders of any superior
Interests and such other parties requested by Landlord as insureds in connection with such Tenant&#146;s
Work or Work, as the case may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.10. Notwithstanding anything to the contrary contained herein, in no event shall any waiver
contained herein, including the waiver of subrogation agreements, relate to anything other than
property damage, Commercial General Liability Insurance and Worker&#146;s Compensation Insurance.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.11. Any insurance policy under this Article&nbsp;7 may be maintained under a &#147;blanket policy&#148;,
insuring other parties and other locations, so long as the amount and coverage required to be
provided hereunder is not thereby diminished.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.12. So long as any MetLife Affiliate is the Landlord hereunder, Landlord shall maintain such
insurance as Metropolitan Life Insurance Company and MetLife Affiliates customarily maintain with
respect to Class &#147;A&#148; buildings similar to the Building that are owned by Metropolitan Life
Insurance Company and such MetLife Affiliates. Without limiting the foregoing, Landlord&#146;s property
insurance and commercial general liability insurance (and, if applicable, any worker&#146;s compensation
insurance maintained by Landlord as to which a waiver of subrogation is available) shall include a
waiver of subrogation for the benefit of Tenant. For all purposes under this Lease, &#147;MetLife
Affiliate&#148; means any entity Controlled by, Controlling or under common Control with, Metropolitan
Life Insurance Company. For purposes only of the definition of &#147;MetLife Affiliate&#148;, &#147;Control
means, when used with respect to any specific entity, the ownership, directly or indirectly, in the
aggregate of at least thirty-three and one-third (33.33%) percent of the beneficial ownership
interests of such entity or the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such entity, whether through the ability to exercise
voting power, by contract or otherwise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.13 From and after such date as the Landlord hereunder is no longer a MetLife Affiliate, Landlord
shall maintain insurance of such types and in such amounts as is customarily carried from time to
time by owners of Comparable Buildings. Without limiting the foregoing, Landlord&#146;s property
insurance and commercial general liability insurance (and, if applicable, any worker&#146;s compensation
insurance maintained by Landlord as to which a waiver of subrogation is available) shall include a
waiver of subrogation for the benefit of Tenant.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 8<BR>
<BR>
DESTRUCTION&#151;FIRE OR OTHER CAUSE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.01. If all or any portion of the demised premises becomes untenantable by fire or other casualty
to the demised premises (collectively a &#147;Casualty&#148;), Landlord, within 90&nbsp;days following the
occurrence of such Casualty, shall cause a reputable, independent general contractor selected by
Landlord to provide Landlord and Tenant with a written estimate of the amount of time required
using standard working methods to repair and restore the core and shell of the Building and any
common areas of the Building necessary to provide access to the demised premises (&#147;Completion
Estimate&#148;). If the Completion Estimate indicates that the core and shell or any common areas of
the Building necessary to provide access to the demised premises cannot be made tenantable within
270&nbsp;days from the date of the Casualty, then either party shall have the right to terminate this
Lease upon written notice to the other within 30&nbsp;days after receipt of the Completion Estimate. In
addition, Landlord, by notice to Tenant within 75&nbsp;days after the date of the Casualty, shall have
the right to terminate this Lease if (i)&nbsp;the demised premises have been materially damaged and
there is less than 18&nbsp;months of the term of this Lease remaining on the date of the Casualty, or
(ii)&nbsp;the Building shall be so damaged or destroyed (whether or not the demised premises are damaged
or destroyed) that repair or restoration shall require the expenditure of more than 50% percent of
the full insurable value of the Building (which, for purposes of this Section&nbsp;8.01, shall mean
replacement cost less the cost of footings, foundations and other structures below the street and
first floors of the Building) immediately prior to the Casualty, provided, with respect to this
clause (ii), Landlord shall terminate the leases of other office tenants of the Building covering
at least 70% of the leased office space in the Building (including the demised premises).
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.02. If this Lease is not terminated as provided in Section&nbsp;8.01, Landlord shall promptly and
diligently, subject to delays caused by Force Majeure Events and insurance adjustment of up to an
aggregate of 90&nbsp;days, restore the core and shell of the Building and common areas of the Building
necessary to provide access to the demised premises. Such restoration shall be to substantially
the same condition that existed prior to the Casualty, except for modifications required by Legal
Requirements or, subject to Section&nbsp;4.04 of this Lease, any other modifications to such common
areas deemed reasonably desirable by Landlord. In the event Landlord fails to repair and restore
the core and shell of the Building and the common areas of the Building necessary to provide access
to the demised premises to substantially the same condition that existed prior to the Casualty
within the later of (i)&nbsp;270&nbsp;days following the Casualty or (ii)&nbsp;the date indicated in the
Completion Estimate for the restoration of same (in the event neither party has elected to exercise
the termination right provided in Section&nbsp;8.01 above), in either case subject to delays caused by
Force Majeure Events and insurance adjustment of up to an aggregate of 90&nbsp;days (the &#147;Restoration
Period&#148;), then Tenant shall have the right to terminate this Lease by written notice to Landlord
within thirty (30)&nbsp;days following the expiration of the Restoration Period. Landlord shall not be
liable for any inconvenience to Tenant, or injury to Tenant&#146;s business resulting in
any way from the Casualty or the repair thereof. During any period of time that all or a portion
(other than a de minimis portion) of the demised premises is rendered Untenantable as a result of a
Casualty, (i)&nbsp;until the date Landlord has substantially completed any restoration work it is
required to perform as described herein, basic rent, Tax Payments, Operating Expense Payments,
Cafeteria Rent and recurring chilled water and emergency generator charges shall abate one (1)&nbsp;day
for each day during such period for the portion of the demised premises that is Untenantable and
not used by Tenant, and (ii)&nbsp;from the day immediately following the date on which the abatement
described in subclause (i)&nbsp;above shall end until the earlier to occur of (x)&nbsp;the date upon which
Tenant shall substantially complete the restoration of all Tenant Alterations working diligently
and continuously in accordance with good construction practice, and (y)&nbsp;the date that is one
hundred twenty (120)&nbsp;days following Landlord&#146;s substantial completion of any restoration work it is
required to perform as described herein, basic rent, Tax Payments, Operating Expense Payments,
Cafeteria Rent and recurring chilled water and emergency generator charges shall abate one-half
(1/2) day for each day during such period for the portion of the demised premises that is
Untenantable and not used by Tenant; provided, in the case of both clauses (i)&nbsp;and (ii), the entire
demised premises shall be deemed Untenantable if the Portion of the demised premises containing
Tenant&#146;s data center(s) shall be damaged such that (1)&nbsp;Tenant shall not be reasonably capable of
operating its business in any portion of the demised premises and (2)&nbsp;Tenant shall not in fact be
occupying any portion of the demised premises.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.03. Except as otherwise provided herein, no damages, compensation or claim shall be payable by
Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of
any portion of the demised premises or of the Building, made in the manner required by this Article
8 hereof, and subject to the waiver of subrogation provisions and mutual releases of Article&nbsp;7 and
Section&nbsp;46.01, nothing contained in this Article&nbsp;8 shall relieve Tenant from liability that may
exist as a result of fire or other casualty.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.04. Landlord shall not be obligated to carry any insurance on Tenant&#146;s property or Tenant&#146;s
improvements and shall not be obligated to repair, replace or restore Tenant&#146;s property or Tenant&#146;s
improvements. Tenant shall look solely to its insurance for recovery of any damage to or loss of
Tenant&#146;s property or Tenant&#146;s improvements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.05 The provisions of this Article shall be considered an express agreement governing any case of
damage or destruction of the Building or the demised premises by fire or other casualty and Section
227 of the Real Property Law of the State of New York, and any other law of like import now or
hereafter in force providing for such contingency shall have no application.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 9
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EMINENT DOMAIN
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.01. In the event that the whole of the demised premises shall be lawfully condemned or taken in
any manner for any public or quasi-public use or purpose, this Lease and the terms and estate
hereby granted shall forthwith cease and terminate as of the date of vesting of title (hereinafter
referred to as the &#147;date of taking&#148;), and Tenant shall have no claim against Landlord for the value
of any unexpired term of this Lease, and the basic annual rent and additional rent shall be
apportioned as of such date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.02. In the event that any part of the demised premises shall be so condemned or taken, then this
Lease shall be and remain unaffected by such condemnation or taking, except that the basic annual
rent and additional rent allocable to the part so taken shall be apportioned as of the date of
taking, provided, however, that (i)&nbsp;Tenant may elect to cancel this Lease in the event the area
remaining following the condemnation or taking shall not be sufficient, in the reasonable judgment
of Tenant, to enable Tenant to continue the operation of its business therein in substantially the
same manner as prior to such condemnation or taking, or (ii)&nbsp;Landlord may elect to terminate if in
the reasonable opinion of Landlord and as a result of a condemnation of a substantial portion of
the Building, the Building could not be operated in an economically viable manner and Landlord is
terminating all other leases in the Building. In the event of any such express option to
terminate, the party entitled to cancel this Lease must serve the other party with a notice of
election to cancel not later than thirty (30)&nbsp;days after the date when title shall vest in the
condemning authority. Upon the giving of such notice, this Lease shall terminate on the thirtieth
(30th) day following the date of such notice and the basic annual rent and additional rent shall be
apportioned as of such termination date.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.03. Upon such partial taking and this Lease continuing in force as to any part of the demised
premises not so taken, the basic annual rent and additional rent shall be diminished by an amount
representing the part of said basic annual rent and additional rent properly allocable to the
Portion or Portions of the demised premises which may be so condemned or taken. If as a result of
the partial taking (and this Lease continuing in force as to the part of the demised premises not
so taken) any part of the demised premises not taken is damaged, Landlord agrees to undertake to
promptly restore the damaged portion remaining after the taking, to the condition existing
immediately prior to the taking, it being understood that Landlord will have no obligation to incur
or expend any cost or charge for overtime labor or pay any premium to accomplish such restoration.
In the event such untaken but damaged portion of the demised premises is inaccessible or
untenantable, the basic annual rent and additional rent allocable to such Portion shall be abated
until Landlord has completed its repairs of such Portion and Tenant has access for its normal
business use.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.04. Nothing hereinabove provided shall (in the event this Lease is canceled as above provided)
preclude Tenant from appearing, claiming, proving and receiving in the condemnation proceeding
Tenant&#146;s relocation and moving expenses, loss of business,
and the value of Tenant&#146;s fixtures in connection with Tenant&#146;s Work or Tenant&#146;s Alterations which
do not (either upon installation or at the expiration or earlier termination of this Lease) become
part of the Building or property of Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.05. In the event that only a part of the demised premises shall be taken and neither Landlord nor
Tenant shall have elected to cancel this Lease as above provided, the entire award for a partial
taking shall be paid to Landlord except Tenant shall have the right to submit a claim for the value
of Tenant&#146;s fixtures in connection with Tenant&#146;s Work, Tenant&#146;s Alterations which do not become the
property of Landlord, and the cost of the interruption of or damage to Tenant&#146;s business, and
Landlord, at Landlord&#146;s own expense, shall restore the unaffected part of the Building to
substantially the same condition and tenantability as existed prior to the taking. Until said
unaffected portion is restored such that it is no longer Untenantable, Tenant shall be entitled to
a proportionate abatement of basic annual rent and additional rents for that portion of the demised
premises which is being restored and is not usable until the completion of Landlord&#146;s restoration,
and any Tenant restoration necessary, or until the said portion of the demised premises is used by
Tenant, whichever occurs sooner.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.06. If all or any part of the demised premises shall be taken for a temporary period of less than
one year (provided such Portions do not include Tenant&#146;s principal data center or trading
operations so that Tenant shall not be able to operate its business, it being understood that in
the event of a temporary taking affecting such Portions the parties&#146; obligations shall be governed
in accordance with Section&nbsp;9.02 hereof), and which period shall end prior to the Expiration Date,
Tenant shall be entitled to that portion of the award for such taking which represents compensation
for the use and occupancy of the demised premises, for the taking of Tenant&#146;s personal property,
for loss of business, for moving expenses and for reimbursement for the cost of restoration of
Tenant&#146;s improvements and Tenant&#146;s personal property. This Lease shall remain unaffected by such
taking and Tenant shall continue to be responsible for all of its obligations under this Lease to
the extent such obligations are not affected by such taking and shall continue to pay in full all
rent when due. If the period of temporary use or occupancy shall extend beyond the Expiration
Date, that part of the award which represents compensation for the use and occupancy of the demised
premises shall be apportioned between Landlord and Tenant as of the Expiration Date and Landlord
shall also be entitled to that portion of the award which represents reimbursement for the cost of
restoration of the demised premises, including Tenant&#146;s Alterations. Any award for temporary use
and occupancy for a period beyond the date to which the rent has been paid shall be paid to, held
and applied by Landlord as a trust fund for payment of the rent thereafter becoming due. Landlord
shall deposit such trust fund in an interest bearing account with a commercial bank or thrift
institution in New York City and Tenant shall be entitled to any interest earned and payable
thereon by such bank or institution. In the event of a taking of all or a portion of the demised
premises and the Building for a limited period, and the Building and the demised premises shall be
restored by Landlord, <I>provided </I>that in the event that the period of temporary use or occupancy
shall extend beyond the Expiration Date, Landlord shall make available to Tenant any portion of the
award which represents reimbursement for the cost of restoration of Tenant&#146;s Alterations in the
remainder of the
demised premises, but Landlord shall be entitled to retain any portion of the award which relates
to reimbursement for the cost of restoration of Tenant&#146;s Alterations in the portion of the demised
premises which has been taken.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 10
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ASSIGNMENT, SUBLEASE, ETC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.01. Tenant, for itself, its heirs, distributees, executors, administrators, legal
representatives, successors and assigns, expressly covenants that it shall not assign, mortgage or
encumber this Lease, nor sublet, or suffer or permit the demised premises or any part thereof to be
used by others, without the prior written consent of Landlord in each instance, which consent may
be withheld in Landlord&#146;s sole and absolute discretion except as hereinafter provided. If this
Lease be assigned, or if the demised premises or any part thereof be sublet or occupied by anybody
other than Tenant, Landlord may, after default by Tenant under this Lease, subject to applicable
notice and cure periods, collect rent from the assignee, subtenant or occupant, and apply the net
amount collected to the rent herein reserved, but no such assignment, subletting, occupancy or
collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, subtenant
or occupant, as tenant, or a release of Tenant from the further performance by Tenant of covenants
on the part of Tenant herein contained. The consent by Landlord to an assignment or subletting
shall not in any way be construed to relieve Tenant from obtaining the express consent in writing
of Landlord to any further assignment or subletting, which shall be given or withheld in accordance
with the terms of this Lease. Possession or occupancy of the demised premises by one or more
affiliates of Tenant shall not be deemed or construed to be a sublease hereunder and Tenant shall
be permitted to allow, subject to the terms and conditions of this Lease (but without having to
obtain Landlord&#146;s written consent thereto), Tenant&#146;s affiliates to use or occupy the demised
premises.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.02. If Tenant shall desire to sublet one or more full floors of the demised premises to an
unrelated third party for all or substantially all of the remainder of term of this Lease (which,
for purposes hereof, shall mean that there shall be two (2)&nbsp;years or less remaining in the term of
this Lease following the expiration of the proposed sublease) or assign its entire interest in this
Lease to an unrelated third party, Tenant shall first present Landlord with a written offer (the
&#147;Recapture Offer&#148;) to surrender such full floor(s) or the entire demised premises, as the case may
be, to Landlord for the balance of the term of this Lease on the same terms proposed by Tenant.
The Recapture Offer shall set forth an effective date for such surrender, which date shall not be
less than fifteen (15)&nbsp;business days after the date Landlord receives such offer. Landlord shall
have a period of fifteen (15)&nbsp;business days after its receipt of the Recapture Offer within which
to accept or reject it (the &#147;Recapture Right&#148;) further provided that a failure to timely respond by
Landlord shall be automatically deemed a rejection.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord exercises its Recapture Right, Tenant shall execute and deliver to Landlord, in the
event the offer to surrender was (i)&nbsp;a sublease for all of the demised premises or an assignment,
an instrument effecting a surrender of this Lease, or (ii)&nbsp;a sublease for less than all of the
demised premises, an instrument surrendering such portion of the demised premises which Tenant
proposed to surrender to Landlord, and, in the event of such surrender of less than all of the
demised premises effected by an instrument of surrender, a modification of this Lease providing
that, from the date of such surrender, the rentals required herein shall be adjusted (on a pro-rata
basis) to reflect that portion of the demised premises acquired by Landlord. In the event Landlord
does not acquire all of the demised premises, Landlord, at Tenant&#146;s sole but reasonable cost and
expense, will do all the work necessary to erect a demising wall between the portion of the demised
premises so acquired by Landlord and the balance of the demised premises retained by Tenant.
Notwithstanding the foregoing, if the Recapture Offer provides that the proposed transferee must
pay for the demising wall, then if Landlord recaptures such space, Landlord shall pay for it.
Also, if Tenant is responsible for the cost of the demising wall, Tenant shall have the option of
constructing such demising wall. In addition, in the event the portion of the demised premises so
acquired by Landlord does not have direct access to a public corridor in the Building, Tenant, at
Tenant&#146;s expense, shall and will at all times, at Tenant&#146;s option, either (A)&nbsp;provide and permit
reasonably appropriate means of ingress to and egress from and access across and through the
balance of the demised premises retained by Tenant so as to enable Landlord or its designee to use
the premises so acquired for the purposes for which they were acquired or (B)&nbsp;construct a public
corridor to provide for such access, except if the Recapture Offer provides that the proposed
transferee must pay for constructing a public corridor, then if Landlord recaptures such space,
Landlord shall pay for same. With respect to the area so surrendered by Tenant, which could be all
or any portion of the demised premises, Tenant shall be released of and from all obligations and
liabilities under this Lease.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord exercises its Recapture Right to terminate this Lease in its entirety, then this Lease
shall terminate on the proposed assignment or sublease commencement date specified in the Recapture
Offer and all basic annual rent and additional rent shall be paid and apportioned to such date and
Landlord shall take subject to any existing subleases then in effect that Landlord has consented to
(or is deemed to have consented to, but not subleases entered into pursuant to transactions that do
not require Landlord&#146;s consent hereunder as provided in Section&nbsp;10.07) in accordance with this
Lease upon all of the executory terms, conditions and covenants set forth in such subleases, and
Landlord (or its designee) shall thereafter assume all of Tenant&#146;s obligations thereunder, as
sublandlord; it being agreed, however, that Landlord&#146;s obligations under this Section&nbsp;10.02 shall
survive any termination of this Lease. In such event, Tenant shall deliver to Landlord any security
deposit then being held by Tenant under any such subleases.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord shall have rejected or omitted or failed to accept the Recapture Offer (or deemed to
have rejected the Recapture Offer), and Tenant thereafter requests Landlord&#146;s consent to a specific
sublease of the space previously offered to Landlord or an assignment, Tenant shall first submit in
writing to Landlord (i)&nbsp;the name and address of the proposed sublessee or assignee; and (ii)
reasonably satisfactory information
relating to the proposed sublessee or assignee, reasonably sufficient to enable Landlord to
determine the financial responsibility and character of the proposed sublessee or assignee. In the
event the consent for the proposed sublease or assignee is being requested more than one (1)&nbsp;year
after the Recapture Offer was rejected or deemed rejected by Landlord, then Landlord shall again
have the Recapture Right described above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.03. Landlord agrees that if it shall not exercise the Recapture Right (or is deemed to have not
exercised the Recapture Right), it will grant or deny its consent within fifteen (15)&nbsp;business days
of the date of Tenant&#146;s request for consent (the parties agreeing that Tenant may submit a
Recapture Offer and a request for consent simultaneously), accompanied by all submissions required
hereunder further provided that Landlord will not unreasonably withhold, condition or delay its
consent to an assignment of this Lease or a subletting of all or a portion of the demised premises
if the following conditions are satisfied:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;in Landlord&#146;s reasonable judgment the business, character and financial responsibility of the
proposed assignee or proposed sublessee (subject to the proviso below) are in keeping with the then
standards of Landlord in those respects for the Building; provided that Tenant (or any Permitted
Transferee) has a Sufficient Net Worth (as hereinafter defined), Tenant may instruct Landlord at
the time Tenant delivers a request for consent under this <U>Section&nbsp;10.03</U> that Landlord shall
not take into account the financial responsibility of a proposed subtenant in granting or
withholding Landlord&#146;s consent to such proposed subletting (the &#147;<U>Non-Credit Subtenant
Privilege</U>&#148;) subject to the following conditions: (x)&nbsp;Tenant may only elect to invoke the
Non-Credit Subtenant Privilege for either (I)&nbsp;up to two (2)&nbsp;subleases each demising no more than
one (1)&nbsp;full floor of the demised premises (or, if any such sublease shall consist of partial
floors, such sublease
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">demises
no more than 38,000 rentable square feet in the aggregate) or  (II)&nbsp;one (1)&nbsp;single sublease demising no more than two (2)&nbsp;full floors of the demised premises (or, if
such sublease shall consist of partial floors, such sublease demises no more than 77,000 rentable
square feet in the aggregate) (and, in each circumstance described in the foregoing clauses (I)&nbsp;and
(II), taking into account any expansion options, rights of first offer, or similar options or
rights granted to the subtenant); and (y)&nbsp;Tenant is the named Tenant hereunder or an assignee that
is a Permitted Transferee under <U>Section&nbsp;10.07(a)</U>. &#147;<U>Sufficient Net Worth</U>&#148; means an
aggregate net worth (computed in accordance with GAAP) at least equal to $200,000,000; provided,
that with respect to any proposed assignee that is a law firm, accounting firm or other company
deriving all or substantially all of its revenue from the provision of similar professional
services such that such company&#146;s net worth is not the customary measure used by landlords of
Comparable Buildings to determine such company&#146;s financial responsibility (a &#147;<U>Service Industry
Transferee</U>&#148;), &#147;Sufficient Net Worth&#148; shall mean that the financial condition of such company is
reasonably satisfactory to Landlord. The amount set forth above in respect of the Tenant&#146;s
required net worth shall be increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring
during the term of this Lease (including the renewal term) to equal the sum of (x) $200,000,000
plus (y)&nbsp;the product obtained by multiplying (i) $200,000,000 by (ii)&nbsp;the
percentage increase in the CPI in effect as of the applicable January 1 (i.e., as to which such
increase is being calculated) over the CPI as of December&nbsp;31, 2011. &#147;<U>CPI</U>&#148; means the
Consumer Price Index for all Urban Consumers published by the Bureau of Labor Statistics of the
United States Department of Labor, New York, New York-Northeastern New Jersey Area (1982-84=100),
or any successor index thereto, appropriately adjusted; <U>provided</U>, that if there shall be no
successor index, a substitute index shall be reasonably selected by Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;the purpose for which the proposed sublessee or assignee intends to use the demised premises is
not in violation of the provisions of Article&nbsp;2 of this Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;a duplicate original of the sublease or assignment (which may be executory) is delivered to the
Landlord at the time Landlord&#146;s consent is sought if such document has been prepared by the
parties; if not, Landlord&#146;s final consent shall be conditioned on its receipt and reasonable
approval thereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;the proposed sublessee or assignee is not then an occupant, tenant or subtenant (of a person
other than Tenant) in any part of the Building unless Landlord does not then have available
comparable space in any part of the Building for a comparable term;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(e)&nbsp;the proposed sublessee or assignee is not a person, party or other entity with whom Landlord or
its agents is then negotiating to lease comparable space for a comparable term in the Building and
with respect to which Landlord has issued to such person a written proposal to lease such space for
such term; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(f)&nbsp;if Viner Finance Inc. shall no longer be the Tenant under this Lease or a guarantor of the
obligations of the Tenant under this Lease, then the proposed assignee shall deliver to Landlord a
security deposit in form and substance reasonably satisfactory to Landlord in all respects unless
the proposed assignee shall have an aggregate net worth (computed in accordance with GAAP) at least
equal to seventeen and one-half (17<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) times the average basic rental payable per annum for the
remainder of the term (measured as of the proposed effective date of such assignment).
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the event Landlord fails to respond to Tenant&#146;s request for Landlord&#146;s consent to an assignment
or subletting within fifteen (15)&nbsp;business days after delivery of such request, subject to the
Second Request Requirement, consent shall be deemed granted in the event Landlord does not respond
to the Second Request therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tenant shall pay to Landlord within thirty (30)&nbsp;days after demand, Landlord&#146;s actual reasonable
out-of-pocket costs and expenses in connection with a sublease or assignment requiring Landlord&#146;s
consent, including, without limitation, the costs of making investigations as to the acceptability
of the proposed sublessee or assignee and preparing and delivering to Tenant its Building standard
&#147;Tri-Party Consent&#148; by and between Landlord, Tenant and the proposed subtenant or assignee, a copy
of which is attached hereto and made a part hereof as Exhibit&nbsp;SC. If Landlord&#146;s consent is
granted,
such consent shall be in the form of Exhibit&nbsp;SC fully executed by Landlord, Tenant and such
sublessee or assignee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Further, and notwithstanding anything to the contrary contained herein, any references identifying
Landlord, its affiliates, or the Building (other than its mere address) in any of Tenant&#146;s
advertising (other than broker flyers) in connection with a proposed transfer shall require prior
notice to and approval by Landlord, which approval shall not be unreasonably withheld or delayed;
provided, that in no event shall Tenant (or Tenant&#146;s representative) include in any such
advertising (or in any broker flyers) any actual or proposed rentals or other economic terms for
the Building or the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the rentals payable under a sublease to a third party that is not a Permitted Transferee exceed
the rentals payable under this Lease on a per rentable square foot basis, Tenant shall pay to
Landlord (as additional rent) fifty (50%) percent of the monthly excess of the rentals actually
payable to Tenant under the sublease over the rentals paid under this Lease on a pro-rated basis,
less, Tenant&#146;s reasonable attorneys&#146; fees, reasonable brokerage fees, the amount of unamortized
costs of the initial Tenant Alterations in the sublet space measured on a per rentable square foot
basis (straight-lined over the period commencing on the expiration of the Initial Rent Abatement
Period until the expiration date of the initial term of this Lease) in excess of the Work Allowance
allocable to the sublet space measured on a per rentable square foot basis, reasonable advertising
expenses, rent concessions, a reasonable construction allowance and any reasonable sums Tenant
expends to prepare the subleased premises for subtenant&#146;s occupancy thereof. Tenant shall provide
Landlord with documentation substantiating the foregoing costs in reasonable detail. Landlord
shall not be entitled to receive any portion of the foregoing described sublease profit until all
of Tenant&#146;s foregoing costs have been recovered by Tenant. The amounts Landlord is entitled to
receive under this paragraph shall be payable to Landlord as and when paid by the sublessee to
Tenant.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon any assignment of this Lease (other than to a Permitted Transferee), Tenant shall pay to
Landlord 50% of the Assignment Consideration received by Tenant for such assignment, after
deducting therefrom the amount of any reasonable brokerage commissions, the amount of unamortized
costs of the initial Tenant Alterations (straight-lined over the period commencing on the
expiration of the Initial Rent Abatement Period until the expiration date of the initial term of
this Lease) in excess of the Work Allowance, reasonable legal fees, reasonable work allowances, the
reasonable cost of any space preparation or other work done by or on behalf of Tenant, rent
concessions, and reasonable advertising expenses paid by Tenant in connection with the assignment.
&#147;<U>Assignment Consideration</U>&#148; means an amount equal to all sums and other considerations paid
to Tenant by the assignee for or by reason of such assignment (including, without limitation, sums
paid for the furnishing of services by Tenant and the sale or rental of Tenant&#146;s fixtures,
leasehold improvements, equipment, furniture, furnishings or other personal property less in the
case of the sale thereof, the then fair market value thereof). The amounts Landlord is entitled to
receive under this paragraph shall be payable to Landlord as and when paid by the assignee to
Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.04. Each subletting shall be made in accordance with the terms and conditions of this Article&nbsp;10
and shall be subject to all of the covenants, agreements, terms, provisions, and conditions
contained in this Lease. Nothing in this Article&nbsp;10 shall be deemed or construed to release Tenant
from liability after a subletting or, where permitted, an assignment, it being understood and
agreed that Tenant shall and will remain fully liable for payment of the basic annual rent and
additional rents due and to become due hereunder and for the performance of all the covenants,
agreements, terms, provisions and conditions contained in this Lease on the part of Tenant to be
performed and all acts and omissions of any licensee or sublessee or anyone claiming under or
through any sublessee which shall be in violation of any of the obligations of this Lease, shall be
deemed to be a violation by Tenant. Tenant further agrees that notwithstanding any such
subletting, no other and further subletting of the demised premises by Tenant or any person
claiming through or under Tenant shall or will be made except upon compliance with and subject to
the provisions of this Article&nbsp;10 which shall be applicable to such entity as if it were Tenant
proposing to sublet or assign.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.05. If Landlord shall decline to give its consent to any proposed sublease or assignment, Tenant
shall indemnify, defend and hold harmless Landlord against and from any and all loss, liability,
damages, costs and expenses, including reasonable attorneys&#146; fees, resulting from any claims that
may be made against Landlord by (i)&nbsp;the proposed sublessee or assignee by reason of Landlord&#146;s
rejection of the proposed sublessee or assignment (except if Landlord shall have declined to give
its consent to such proposed sublease or assignment in violation of the provisions of this Lease),
and (ii)&nbsp;any broker or other person claiming a commission or similar compensation in connection
with the proposed sublease or assignment.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.06. With respect to each and every sublease or subletting or assignment of this Lease, it is
further agreed: (a)&nbsp;no subletting shall be for a term ending later than one (1)&nbsp;day prior to the
expiration date of this Lease, but subject, however, to Tenant&#146;s right to extend the term of the
sublease to the extent the term of this Lease is extended; (b)&nbsp;no subtenant or assignee shall take
possession of the demised premises or any portion thereof, until an executed counterpart of such
sublease or assignment has been delivered to Landlord; (c)&nbsp;each sublease shall provide that it is
subject and subordinate to this Lease and to the matters to which this Lease is or shall be
subordinate, and that in the event of termination, re-entry or dispossess by Landlord under this
Lease, Landlord may, at its option, take over all of the right, title and interest of Tenant, as
sublessor, under such sublease, and such subtenant shall, at Landlord&#146;s option, attorn to Landlord
pursuant to the then executory provisions of such sublease, except that Landlord shall not (i)&nbsp;be
liable for any previous act or omission of Tenant under such sublease, (ii)&nbsp;be subject to any
offset which theretofore accrued or, with respect to any offset resulting from any circumstance or
matter arising prior to such attornment, may thereafter accrue, to such subtenant against Tenant
(except as expressly provided in such sublease), or (iii)&nbsp;be bound by any previous modification of
such sublease not approved by Landlord in writing, which approval shall not be unreasonably
withheld or delayed, or by any previous prepayment of more than one (1)&nbsp;month&#146;s rent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.07. (a)&nbsp;Anything to the contrary contained herein, the provisions of Sections&nbsp;10.02 and 10.03
herein shall not apply to, and the prior written consent of Landlord shall not be required for, any
of the following transfers (each a &#147;Permitted Transfer&#148;; a transferee pursuant to a Permitted
Transfer is referred to herein as a &#147;Permitted Transferee&#148;):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(i)&nbsp;the assignment of this Lease or the sublease of the demised premises or any portion thereof to
any successor (a &#147;Successor&#148;) to Tenant by virtue of a merger, reorganization, consolidation, sale
of all or substantially all of Tenant&#146;s assets or stock, provided that (v)&nbsp;Landlord shall be given
written notice of any such Permitted Transfer under this clause (i)&nbsp;within twenty (20)&nbsp;days after
the occurrence thereof but any failure by Tenant to do so shall not make such transfer void or
ineffective further provided that this foregoing agreement of Landlord shall not be deemed a waiver
of any rights of Landlord against Tenant because of the lack of knowledge of such assignment, (w)
the Successor assumes by written instrument all of Tenant&#146;s obligations under this Lease pursuant
to an instrument reasonably acceptable to Landlord and Tenant, (x)&nbsp;such Permitted Transfer is for a
valid business purpose and not to avoid any obligations under this Lease, (y)&nbsp;the Successor is a
reputable entity of good character and shall have, immediately after giving effect to such
Permitted Transfer, an aggregate net worth (computed in accordance with GAAP) at least equal to
$200,000,000; provided, that if the Successor is a Service Industry Transferee, in lieu of such
required minimum net worth, the financial condition of such company shall be reasonably
satisfactory to Landlord. The amount set forth above in respect of the Successor&#146;s required net
worth shall be increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring during the
term of this Lease (including the renewal term) to equal the sum of (x) $200,000,000 plus (y)&nbsp;the
product obtained by multiplying (i) $200,000,000 by (ii)&nbsp;the percentage increase in the CPI in
effect as of the applicable January 1 (i.e., as to which such increase is being calculated) over
the CPI as of December&nbsp;31, 2011;
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(ii)&nbsp;the assignment of this Lease or the sublease of the demised premises or any Portion thereof to
any &#147;affiliate&#148; of Tenant. For purposes of this Lease, whenever used, the term &#147;affiliate&#148; is
defined as any corporation, partnership or other entity directly or indirectly controlled by,
controlling, or under common control with Tenant and the word &#147;control&#148; shall mean (w)&nbsp;in the case
of a corporation shall mean direct or indirect ownership of more than fifty (50%) percent of the
outstanding capital stock of that corporation, (x)&nbsp;in the case of a general or limited liability
partnership, shall mean the possession of, directly or indirectly, more than fifty (50%) percent of
the general partnership or membership interests of the partnership, (y)&nbsp;in the case of a limited
partnership, shall mean the possession of, directly or indirectly, more than fifty (50%) percent of
the general partnership interests of such limited partnership, and (z)&nbsp;in the case of a limited
liability company, shall mean the possession of, directly or indirectly, more than fifty (50%)
percent of the membership interests of such limited liability company. In the case of a Permitted
Transfer pursuant to this clause (ii), any subsequent transaction whereby such affiliate of Tenant
shall cease to be an affiliate of Tenant shall, unless in connection with another Permitted
Transfer, constitute an assignment requiring Landlord&#146;s prior written consent pursuant to this
Article&nbsp;10; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(iii)&nbsp;the subletting of no more than two (2)&nbsp;floors in the aggregate (or the equivalent rentable
square footage thereof) for all such subleases throughout the term of this Lease, to one or more
Spin-Off Entity(ies) (as herein defined) upon and subject to the following terms: (i)&nbsp;such
spin-off transaction is effected for valid business purposes and not to circumvent the provisions
of this Lease, (ii)&nbsp;the expiration date of such sublease(s) shall be no later than the Expiration
Date, as such date may have been theretofore, or may thereafter be, extended in accordance with the
terms of this Lease, (iii)&nbsp;no such sublease shall release Tenant from the full performance by
Tenant of all of the terms, conditions and covenants of this Lease on Tenant&#146;s part to be observed
and performed, (iv)&nbsp;such Spin-Off Entity shall have been theretofore occupying all or substantially
all of such sublet space for the conduct of its business for at least the immediately preceding
twelve-month period and (v)&nbsp;the Spin-Off Entity shall continue to occupy the sublet space for the
same or substantially the same business as so conducted during such preceding period described
above and, in all events, in conformity with all of the applicable provisions of this Lease. A
&#147;<U>Spin-Off Entity</U>&#148; shall mean an entity which, substantially contemporaneously with such
sublease, acquires all or substantially all of the assets of a unit, division, group or operation
of Tenant that relates to a particular aspect of Tenant&#146;s business;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Notwithstanding anything to the contrary contained in this Lease, the following shall be
permitted under this Lease without requiring Landlord&#146;s consent, or compliance with Sections&nbsp;10.02
and 10.03, it being agreed that none of the following shall be deemed to constitute an assignment
or other transfer for purposes of this Lease:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;the dissolution of Tenant and immediate reconstitution of Tenant into a new or
reconstituted legal entity having the same assets of the dissolved entity, provided that such
transaction shall be for a bona fide business purpose and not for the purposes of avoiding the
restrictions against subletting or assignment provided in this Lease, and that the new or
reconstituted legal entity is obligated for all Tenant&#146;s obligations under this Lease;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;the mere change of the organizational form of Tenant (e.g., from a corporation to another
form of entity) and/or any change in the State of organization of Tenant whereby the reorganized
entity has the same assets as the entity immediately prior to such reorganization, provided that
such transaction shall be for a bona fide business purpose and not for the purposes of avoiding the
restrictions against subletting or assignment provided in this Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iii)&nbsp;the pledge of interests in Tenant which does not involve or could not result in an
assignment of this Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iv)&nbsp;the series of transactions whereby Tenant becomes a publicly traded company (i.e., a
company the shares of which are publicly traded on a recognized stock exchange); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(v)&nbsp;any addition, death, or withdrawal of any principals in Tenant (as Tenant is now, or may
hereafter be, constituted).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;In connection with any transaction that is permitted under this Section&nbsp;10.07 without requiring
Landlord&#146;s consent, Tenant shall deliver to Landlord a ratification of guaranty, if applicable, in
form and substance reasonably acceptable to Landlord within ten (10)&nbsp;days following Landlord&#146;s
request therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.08. Anything to the contrary contained herein notwithstanding, if there is a dispute between
Landlord and Tenant as to the reasonableness of Landlord&#146;s refusal to consent to any subletting or
assignment, the dispute shall be resolved in accordance with Article&nbsp;49 of this Lease, except that
appropriate modifications shall be made to the definition of Qualified Arbitrator to account for
the fact that instead of a broker, the selected person will be a real estate attorney.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.09 Provided no monetary default or material non-monetary default shall then be continuing beyond
the expiration of the applicable notice and cure period, with respect to any sublease (but not a
further subletting) which (a)&nbsp;is for at least one (1)&nbsp;full floor, and (b)&nbsp;provides for a monthly
rental which, after taking into account any free rent periods, credits, offsets or deductions to
which the subtenant may be entitled thereunder, is equal to or in excess (on a per rentable square
foot basis) of the basic rent and recurring additional rent (including, without limitation, Tax
Payments, Operating Payments and Cafeteria Rent) payable hereunder by Tenant from time to time
throughout the term of this Lease (the &#147;<U>Floor Rent</U>&#148;) (or if less (on a per rentable square
foot basis) than the Floor Rent, such subtenant agrees, in the non-disturbance and attornment
agreement hereinafter referred to, that such rental will automatically and without condition become
so equal, if, as and when the attornment provided for in such non-disturbance and attornment
agreement becomes effective between Landlord and the subtenant following the termination of this
Lease), Landlord shall, at Tenant&#146;s request and at Tenant&#146;s
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"> reasonable expense, execute and deliver
to such subtenant a recognition and non-disturbance agreement in substantially the form attached
hereto as Exhibit&nbsp;RA (a &#147;Recognition Agreement&#148;), provided and upon condition that (x)&nbsp;Tenant has
furnished to Landlord reasonably satisfactory proof that the subtenant has an aggregate net worth
(computed in accordance with GAAP and measured as of the effective date of such sublease) at least
equal to seventeen and one-half (17<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) times the greater of (i)&nbsp;the average basic rental payable per
annum under this Lease and (ii)&nbsp;the average basic rental payable per annum under the such sublease,
in each case for the sublet space and for the sublease term (provided, that if the subtenant is a
Service Industry Transferee, in lieu of such required minimum net worth, the financial condition of
such company shall be reasonably satisfactory to Landlord), and (y)&nbsp;the subtenant executes and
delivers to Landlord such Recognition Agreement. Notwithstanding anything to the contrary set
forth in this Section&nbsp;10.09, any Recognition Agreement delivered by Landlord pursuant to this
Section&nbsp;10.09 shall (x)&nbsp;be personal to the subtenant named in such Recognition Agreement or such
subtenant&#146;s transferee in connection with a Permitted Transfer pursuant to Section&nbsp;10.07 hereof and
(y)&nbsp;expressly contain the condition such that, in the event of any termination of this Lease
other than by reason of Tenant&#146;s default (<U>e.g.</U>, by reason of a casualty pursuant to Article
8 of this Lease), then such Recognition Agreement shall, automatically and without further act of
the parties, terminate and be of no further force or effect from and after the applicable
termination date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.10 Notwithstanding any provision of <U>Article&nbsp;10</U> of this Lease to the contrary, without
the consent of Landlord and without compliance with the requirements of Sections&nbsp;10.02 and 10.03,
Tenant may from time to time, subject to all of the provisions of this Lease, permit portions of
the demised premises to be used or occupied under so-called &#147;desk sharing&#148; arrangements by any
person with whom Tenant has an ongoing business relationship other than as occupants of the demised
premises (such as, by way of example, Tenant&#146;s auditors, Tenant&#146;s bona fide clients and Tenant&#146;s
joint venturers) (each such desk or office space user, a &#147;Desk Space User&#148;; <U>provided</U>, that
(i)&nbsp;any such use or occupancy of desk or office space shall be without the installation of demising
walls separating such desk or office space or any separate entrance, except as otherwise required
for a legitimate business purpose, (ii)&nbsp;at any time during the term of this Lease, the aggregate of
the rentable square footage then used by Desk Space Users pursuant to this Section&nbsp;10.10 shall not
exceed fifteen percent (15%) of the rentable square feet of the then demised premises (the &#147;Desk
Space User Maximum Square Footage&#148;); <U>provided</U>, that Portions of the demised premises that
are occupied by dedicated back-office services exclusively servicing Tenant&#146;s business operations
and in the aggregate do not exceed ten percent (10%) of the rentable square footage of the then
demised premises shall not be included for purposes of Tenant&#146;s compliance with the Desk Space
Maximum Square Footage, (iii)&nbsp;each Desk Space User shall use the demised premises in accordance
with all of the provisions of this Lease, and only for the uses expressly permitted pursuant to
this Lease, (iv)&nbsp;in no event shall the use of any portion of the demised premises by a Desk Space
User create or be deemed to create any right, title or interest of such Desk Space User in any
portion of the demised premises or this Lease, (v)&nbsp;such &#147;desk sharing&#148; arrangement shall
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">terminate
automatically upon the termination of this Lease, and (vi)&nbsp;such desk sharing arrangement is for a
valid business purpose and not to circumvent the provisions of this Article&nbsp;10. Prior to entering
into any such desk sharing arrangement, Tenant shall notify Landlord in writing of its plan to
provide any space in the demised premises to a Desk Space User, which notice shall include (1)&nbsp;the
identity of the Desk Space User and such other reasonable information as shall be requested by
Landlord, from time to time, with respect to each such Desk Space User, (2)&nbsp;a certification by
Tenant that Tenant is in compliance with the provisions of this Section&nbsp;10.10 with respect to such
Desk Space User, and (3)&nbsp;with a copy of the agreement, if any, relating to the use or occupancy of
such portion of the demised premises by such Desk Space User. The rights granted under this
Section&nbsp;10.10 shall be personal to Tenant (and its Permitted Transferees), except that Tenant shall
be permitted to transfer its rights under this Section&nbsp;10.10 to any subtenant of Tenant subleasing
at least 175,000 rentable square feet; <U>provided</U>, the aggregate of the rentable square
footage used by such subtenant&#146;s Desk Space Users shall not at any time exceed fifteen percent
(15%) of the rentable square footage subleased by such subtenant.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 11
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ACCESS TO DEMISED PREMISES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.01. Subject to Article&nbsp;4, Tenant shall permit Landlord to erect, use and maintain pipes, ducts,
fans, wires and conduits in and through the demised premises, provided the same are installed
adjacent to or concealed behind, beneath or within partitioning, columns, floors, walls and
ceilings of the demised premises or otherwise completely furred at points immediately adjacent to
any of the foregoing and do not reduce the usable or cubic area of the demised premises by more
than a de minimis amount. Subject to the terms of this Lease, Landlord and its agents shall have a
right to enter and/or pass through the demised premises, at all necessary times, in order to make
such repairs in or to the demised premises which Landlord is required or permitted by this Lease to
make, or to make such repairs, alterations, additions and improvements to the Building (excluding
the demised premises) and the facilities including machine rooms) and equipment in the demised
premises or the Building as Landlord (i)&nbsp;is required to make under this Lease or any other lease or
(ii)&nbsp;reasonably desires to make (subject to Article&nbsp;4). Landlord shall be allowed to take (but not
store) reasonable quantities of all material into and upon the demised premises that may be
required for the repairs or alterations above mentioned as the same is required for such purpose
without the same constituting an eviction of Tenant in whole or in part, and the rent reserved
shall in no wise abate, except as otherwise expressly provided in this Lease, while said repairs or
alterations are being made, and except as otherwise set forth herein Landlord shall have no
liability by reason of loss or interruption of the business of Tenant or annoyance or inconvenience
to Tenant because of the prosecution of any such work, provided Landlord diligently proceeds
therewith. Landlord shall perform the work, or cause the work to be performed in a good and worker
like manner and keep the demised premises, to the extent reasonably practicable, in a clean and
orderly condition while performing the work but in any event, leave the demised premises in a clean
and orderly condition upon completion of the work each night further provided that in the event
Landlord causes any damage to the demised premises in the course of its prosecution of such work,
Landlord shall promptly restore same, at its sole cost and expense, to its condition existing
immediately prior to such damage. All of the work performed by Landlord under this Article&nbsp;11 is
subject to the terms set forth in Sections&nbsp;4.04 and 4.05.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.02. At such time as access is required or desired by Landlord, as provided herein, Landlord
shall, except in instances of an emergency (to wit: an imminent threat to person or property) when
no advance notice is required (but such notice as is feasible shall be given, either before or
after the entry), Landlord shall give Tenant reasonable advance notice, to wit: not less than three
(3)&nbsp;business days, as to when such access will be required and thereafter, Landlord shall exercise
reasonable diligence, using commercially reasonable efforts to schedule such work on such days and
during such hours so as to minimize any disturbance to the conduct of Tenant&#146;s business (but
Landlord shall not be required to perform the same on an overtime or premium pay basis). Tenant,
at its sole option and cost, shall have a right to have a representative present at any time
Landlord
enters the demised premises, subject to Landlord&#146;s right to enter the demised premises without
anyone present in the event of an emergency.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.03. Upon reasonable advance notice, which shall not be less than forty-eight (48)&nbsp;hours but may
be oral, Landlord or its agents or designees shall, during &#147;normal business hours&#148; (defined in
Article&nbsp;27), have the right to enter the demised premises, at reasonable times during normal
business hours, for the purpose of inspecting them or exhibiting them to prospective or actual
purchasers, investors, mortgagees, ground lessors, or their respective agents or designees, or,
during the last eighteen (18)&nbsp;months of the term of this Lease except if Tenant has effectively
exercised its option to extend the term of this Lease, then only during the last eighteen (18)
months of the extended term, to prospective lessees of all or any part of the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.04. If Tenant shall not be personally present to open and permit an entry into the demised
premises at any time when for any reason an entry therein shall be necessary by reason of fire or
other emergency, without in any manner affecting the obligations and covenants of this Lease,
Landlord or Landlord&#146;s agents may forcibly enter the same without rendering Landlord or such agents
liable therefor further provided that during such entry, Landlord or Landlord&#146;s agents shall accord
reasonable care to Tenant&#146;s property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.05. Notwithstanding anything to the contrary contained herein, but subject to Section&nbsp;4.05,
Tenant acknowledges and agrees that in the event of Landlord&#146;s reasonable need, Landlord&#146;s access
to machine or mechanical electric rooms or closets within the demised premises, if any, shall not
be impeded and shall be accessible to Landlord at all reasonable times, except in the instance of
an emergency when access shall be immediate.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.06 Notwithstanding anything to the contrary in this Lease, Tenant shall be entitled to designate
certain Portions of the demised premises that (I)&nbsp;are located on floors of the Building that are
served by the same elevator bank as all other such Portions and (II)&nbsp;do not exceed 5,000 rentable
square feet, in the aggregate, as &#147;secure areas&#148; to which Landlord shall not have a right of entry
or access for any reason whatsoever (except (w)&nbsp;in the case of an emergency, (x)&nbsp;as required by
Legal Requirements, (y)&nbsp;as reasonably determined by Landlord as necessary or prudent in order to
comply with the provisions of any mortgage, ground lease, insurance requirements, then in effect,
or is necessary to perform any maintenance, repairs, restoration, or other work, or to prevent
damage to property or harm to persons or (z)&nbsp;in order to exhibit such &#147;secure areas&#148; to the
representatives of any of Landlord&#146;s existing or prospective lenders, purchasers, investors or
tenants; provided, with respect to this clause (z)&nbsp;only, to the extent any &#147;secure area&#148; includes a
portion of the demised premises that is used as a trading floor, Landlord shall not pass through
such &#147;secure area&#148; during normal business hours. In exercising its access rights to the demised
premises, Landlord will not store materials within the demised premises (except on a temporary
basis) or use the demised premises as a staging area for work outside of the demised premises
(except on a temporary basis); provided that the same shall not affect Tenant&#146;s operation of its
business in the demised
premises other than to a de minimis extent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All of the work to be performed in the demised premises by Landlord under this Article&nbsp;11 and any
access in and to the demised premises permitted under this Lease shall be subject to the terms set
forth in Sections&nbsp;4.04 and 4.05 hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 12
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF OCCUPANCY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.01. Tenant will not at any time use or occupy the demised premises in violation of the
certificate of occupancy issued for the Building. In the event that Tenant&#146;s proposed occupancy of
the demised premises would exceed the density permitted by the certificate of occupancy, as a
condition precedent for Tenant to achieve and maintain such higher level of occupancy, Tenant must,
at Tenant&#146;s expense, proceed to attempt to cause the certificate of occupancy for the Building to
be amended solely with respect to the density issue, failing which, Tenant may only maintain an
occupancy level as permitted by the certificate of occupancy. In the event Tenant elects to seek
to cause the certificate of occupancy to be amended with respect to the density level, Landlord
shall reasonably cooperate in connection therewith, expressly provided (i)&nbsp;all costs incurred in
connection therewith are borne by Tenant; (ii)&nbsp;Tenant retains Landlord&#146;s then current Building
&#147;expediter&#148; to assist in effecting the amendment, provided that the rates charged by such expediter
are commercially reasonable, and (iii)&nbsp;Tenant keeps Landlord regularly advised in writing as to the
status of such proceedings. Additionally, should Tenant&#146;s Alterations or Tenant&#146;s use of the
demised premises for other than trading, investment, banking, the general operation of a securities
business, conference center, general, executive and administrative offices require any modification
or amendment of any certificate of occupancy for any portion of the Building, at Landlord&#146;s option,
either Landlord (at Tenant&#146;s expense) or Tenant (at Tenant&#146;s expense) shall take all actions
reasonably required in order to procure any such modification or amendment. In any event, Landlord
shall reasonably cooperate with Tenant and shall sign such certificates and applications as shall
be reasonably requested by Tenant; provided that Landlord incurs no additional obligations or
liability as a result of signing such certificates or applications. Any reasonable, out-of-pocket
costs and expenses incurred by Landlord in connection with the foregoing cooperation shall be
deemed additional rent and Tenant shall promptly reimburse Landlord for the same within thirty (30)
days after demand therefor by Landlord. The foregoing provisions are not intended to be deemed
Landlord&#146;s consent to any Tenant Alterations or to a use of the demised premises not otherwise
permitted hereunder nor to require Landlord to effect such modifications or amendments of any
certificate of occupancy.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.02. Landlord shall not take any action, nor shall Landlord permit any action to be taken unless
mandated by a governmental authority (i)&nbsp;to cause a modification to the certificate of occupancy
that would preclude Tenant&#146;s use of the demised premises for the purposes permitted under Article&nbsp;2
of this Lease or (ii)&nbsp;that would reduce the number of occupants permitted in the demised premises
under the certificate of occupancy or (iii)&nbsp;that would preclude Tenant from filing an application,
if necessary, with the City of New York
Department of Buildings (the &#147;DOB&#148;), including any changes required to the certificate of occupancy
to permit the use of the demised premises for the uses permitted pursuant to Article&nbsp;2 of this
Lease.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 13
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BANKRUPTCY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.01. Subject to the provisions of Section&nbsp;13.02, if at any time during the term of this Lease
there shall be filed by or against Tenant in any court pursuant to any statute either of the United
States or of any State a petition in bankruptcy or insolvency or for reorganization or for the
appointment of a receiver, custodian or trustee of all or a portion of Tenant&#146;s property, or if
Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an
arrangement with creditors, Landlord may at Landlord&#146;s option, serve upon Tenant or any such
trustee, receiver, custodian or assignee, a notice in writing stating that this Lease and the term
hereby granted shall cease and expire on the date specified in said notice, which date shall be not
less than one hundred twenty (120)&nbsp;days after the serving of said notice and this Lease and the
term hereof shall then expire on the date so specified as if that date had originally been fixed in
this Lease as the expiration date of the term herein granted. Thereupon, neither Tenant nor any
person claiming through or under Tenant by virtue of any statute or of any order of any court shall
be entitled to possession or to remain in possession of the demised premises but shall forthwith
quit and surrender the demised premises, and Landlord, in addition to the other rights, remedies
and damages Landlord has, or may claim, prove or collect by virtue of any other provision herein or
elsewhere in this Lease contained or by virtue of any statute or rule of law, may retain as
liquidated damages (and not as a penalty) any basic annual rent, additional rent or monies received
by it from Tenant or others in behalf of Tenant.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.02. In the event that at any times mentioned in Section&nbsp;13.01 there shall be instituted against
Tenant an involuntary proceeding for bankruptcy, insolvency, reorganization or any other relief
described in Section&nbsp;13.01, Tenant shall have one hundred twenty (120)&nbsp;days in which to vacate or
stay the same before this Lease shall terminate or before Landlord shall have any right to
terminate this Lease, provided the basic annual rent and additional rent then in arrears, if any,
are paid within fifteen (15)&nbsp;business days after the institution of such proceeding, and further
provided that the basic annual rent and additional rent which shall thereafter become due and
payable are paid when due, and Tenant shall not otherwise be in default in the performance of the
terms and covenants of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.03. In the event of the termination of this Lease pursuant to Section&nbsp;13.01 or 13.02, Landlord
shall, in addition to the other rights, remedies and damages Landlord has, or may claim, prove or
collect by virtue of any other provision contained in this Lease or by virtue of any statute or
rule of law, and notwithstanding any other provisions of this Lease to the contrary, forthwith be
entitled to recover from Tenant as and for liquidated damages (and not as a penalty) an amount
equal to the present value of the difference between
the rent reserved hereunder for the unexpired portion of the term demised and the then fair and
reasonable rental value of the demised premises for the same period, if lower than the rent
reserved at the time of termination. If such premises or any part thereof be re-let by Landlord
for the unexpired term of said Lease, or any part thereof, before presentation of proof of such
liquidated damages to any court, commission or tribunal, the amount of rent reserved upon such
re-letting shall be prima facie the fair and reasonable rental value for the part or the whole of
the demised premises so re-let during the term of the re-letting. Nothing herein, or elsewhere in
this Lease contained shall limit or prejudice the right of Landlord to prove for and obtain as
liquidated damages (and not as a penalty) by reason of such termination, an amount equal to the
maximum allowed by any statute or rule of law in effect at the time when, and governing the
proceedings in which such damages are to be proved, whether or not such amount be greater, equal
to, or less than the amount of the difference referred to above.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 14
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">DEFAULT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">14.01. (a)&nbsp;If Tenant defaults in fulfilling any of the covenants of this Lease other than the
covenants for the payment of basic rent or additional rent; or if any execution or attachment shall
be issued against Tenant or any of Tenant&#146;s property whereupon the demised premises shall be taken
or occupied by someone other than Tenant; or if Oppenheimer &#038; Co., Inc. shall at any time during
the term of this Lease no longer be wholly-owned directly by the Tenant named herein (or any
Permitted Transferee), then, in any one or more of such events, upon Landlord serving a written
thirty (30)&nbsp;days&#146; notice upon Tenant specifying the nature of said default and upon the expiration
of said thirty (30)&nbsp;days, if Tenant shall have failed to comply with or remedy such default, or if
the said default or omission complained of shall be of a nature that the same cannot be completely
cured or remedied within said thirty (30)&nbsp;day period, and if Tenant shall not have diligently

</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">commenced
curing such default within such thirty (30)&nbsp;day period, and  shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then Landlord may
serve a written three (3)&nbsp;days&#146; notice of cancellation of this Lease upon Tenant and upon the
expiration of said three (3)&nbsp;days, this Lease and the term hereunder shall end and expire as fully
and completely as if the expiration of such three (3)&nbsp;day period were the day herein definitely
fixed for the end and expiration of this Lease and the term thereof and Tenant shall then quit and
surrender the demised premises to Landlord but Tenant shall remain liable as hereinafter provided.
It is the intention of the parties hereto to create a conditional limitation in the event of a
default by Tenant under this Section&nbsp;14.01(a) and Tenant is expressly relinquishing any statutory
rights to performance even after judgment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;If Tenant defaults in the payment of the basic rent reserved herein or any installment of
Tenant&#146;s Tax Payment, Operating Payment, Cafeteria Rent, Tenant&#146;s Cost for electric consumption or
recurring charges for overtime services provided regularly by Landlord) (&#147;Recurring Rent&#148;), then
upon Landlord serving a written five (5)&nbsp;business days&#146; notice upon Tenant specifying the nature of
said default and upon the expiration
of said five (5)&nbsp;business days, if Tenant shall have failed to remedy such default, then Landlord
may serve a written three (3)&nbsp;days&#146; notice of cancellation of this Lease upon Tenant and upon the
expiration of said three (3)&nbsp;days, this Lease and the term hereunder shall end and expire as fully
and completely as if the expiration of such three (3)&nbsp;day period herein definitely fixed for the
end and expiration of this Lease and the term thereof and Tenant shall then quit and surrender the
demised premises to Landlord but Tenant shall remain liable as hereinafter provided. It is the
intention of the parties hereto to create a conditional limitation in the event of a default by
Tenant in the payment of Recurring Rent under this Section&nbsp;14.01(b) and Tenant is expressly
relinquishing any statutory rights to pay even after judgment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;If Tenant defaults in the payment of any amount that is not an item of Recurring Rent, then
upon Landlord serving a written ten (10)&nbsp;day notice upon Tenant specifying the nature of said
default and upon the expiration of said ten (10)&nbsp;days, if Tenant shall have failed to remedy such
default, then Landlord may serve a written three (3)&nbsp;days&#146; notice of cancellation of this Lease
upon Tenant and upon the expiration of said three (3)&nbsp;days, this Lease and the term hereunder shall
end and expire as fully and completely as if the expiration of such three (3)&nbsp;day period herein
definitely fixed for the end and expiration of this Lease and the term thereof and Tenant shall
then quit and surrender the demised premises to Landlord but Tenant shall remain liable as
hereinafter provided. It is the intention of the parties hereto to create a conditional limitation
in the event of a default by Tenant in making a payment of any amount that is not an item of
Recurring Rent under this Section&nbsp;14.01(c) and Tenant is expressly relinquishing any statutory
rights to pay even after judgment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;If any notice provided for in Sections (a), (b)&nbsp;or (c)&nbsp;above shall have been given, and the
term shall expire as aforesaid, then in any of such events Landlord may without notice, re-enter
the demised premises either by lawful force or otherwise, and dispossess Tenant by summary
proceedings or otherwise, and remove its effects and hold the demised premises as if this Lease had
not been made, and Tenant hereby waives the service of notice of intention to re-enter or to
institute legal proceedings to that end.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 15
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REMEDIES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.01. In case of any such expiration and/or dispossess by summary proceedings as set forth in
Article&nbsp;14 hereof (a)&nbsp;the rent shall become due thereupon and be paid up to the time of such
expiration and/or dispossess, together with such expenses as Landlord may reasonably incur for
legal expenses, reasonable attorneys&#146; fees, brokerage fees, and/or putting the demised premises in
good order, or for preparing the same for re-rental; (b)&nbsp;Landlord may re-let the demised premises
or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms,
which may at Landlord&#146;s option be less than or exceed the period which would otherwise have
constituted the balance of the term of
this Lease and may grant concessions or free rent; and/or (c)&nbsp;Tenant shall, in addition to the
other rights and remedies and damages Landlord has, or may claim, prove or collect, by virtue of
any other provision contained herein or by virtue of any statute or rule of law, also pay Landlord
as liquidated damages (and not as a penalty) for the failure of Tenant to observe and perform said
Tenant&#146;s covenants herein contained: (y)&nbsp;on a monthly basis, any deficiency between the rent hereby
reserved and/or covenanted to be paid and the net amount, if any, of the rents collected on account
of this Lease or leases of the demised premises for each month of the period which would otherwise
have constituted the balance of the term of this Lease or, at Landlord&#146;s option, or (z)&nbsp;a sum which
at the time of such termination of this Lease represents the then present value of the excess, if
any, of (i)&nbsp;the aggregate amount of the basic annual rent and the additional rent which would have
been payable by Tenant (conclusively presuming the average monthly additional rents to be the same
as were payable for the year, or if less than three hundred sixty five (365)&nbsp;days have then elapsed
since the date of this Lease, the partial year, immediately preceding such termination) for the
period commencing with such earlier termination of this Lease and ending with the date contemplated
as the expiration date hereof if this Lease had not so terminated, over (ii)&nbsp;the aggregate market
rental value of the demised premises for the same period (both amounts discounted at the Interest
Rate). In determining the rental value of the demised premises for such period, the rental
realized by any reletting, if such reletting be accomplished by Landlord within a reasonable period
of time after the termination of this Lease, shall be deemed <U>prima</U> <U>facie</U> to be the
rental value. The failure or refusal of Landlord to re-let the demised premises or any part or
parts thereof shall not release or affect Tenant&#146;s liability for damages. Landlord shall in no
event be liable in any way whatsoever for failure or refusal to re-let the demised premises or any
parts thereof, or, in the event that the demised premises are re-let, for failure to collect the
rent thereof under such re-letting. Landlord shall have no obligation to mitigate Tenant&#146;s damages
by seeking to re-let the demised premises. In computing such liquidated damages there shall be
added to the said deficiency such expenses as Landlord may reasonably incur in connection with
re-letting, such as legal
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">expenses,
reasonable attorneys&#146; fees, brokerage  fees and for keeping the
demised premises in good order or for preparing the same for re-letting. Landlord, at Landlord&#146;s
option, may make such alterations, repairs, replacements and/or decorations in the demised premises
as Landlord, in Landlord&#146;s sole judgment, considers advisable and necessary for the purpose of
re-letting the demised premises; and the making of such alterations and/or decorations shall not
operate or be construed to release Tenant from liability hereunder as aforesaid. In the event of a
breach or threatened breach by Tenant of any of the covenants or provisions hereof, Landlord shall
have the right of injunction and the right to invoke any remedy allowed at law or in equity as if
summary proceedings and other special remedies were not herein provided for. Subject to this
Section&nbsp;15.01, mention in this Lease of any particular remedy shall not preclude Landlord from any
other remedy, in law or in equity. In the event this Lease is terminated pursuant to the provisions
of Article&nbsp;14 herein, then in addition to the remedies Landlord may have pursuant to this Article
15, Landlord may elect, at its option, to recover from Tenant, all damages it may incur by reason
of such breach, including the cost of recovering the demised premises and reasonable attorneys&#146;
fees and expenses. Nothing herein contained shall limit or prejudice the right of Landlord to
prove and
obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed
by any statute or rule of law in effect at the time when, and governing the proceedings in which,
such damages are to be proved, whether or not such amount be greater, equal to, or less than the
amounts referred to herein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.02. Tenant hereby expressly waives any and all rights of redemption granted by or under any
present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in
the event of Landlord obtaining possession of the demised premises, by reason of the violation by
Tenant of any of the covenants and conditions of this Lease or otherwise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.03. Suit or suits for the recovery of such damages, or any installments thereof, may be brought
by Landlord from time to time at its election, and nothing contained herein shall be deemed to
require Landlord to postpone suit until the date when the term of this Lease would have expired if
it had not been so terminated under the provisions of Article&nbsp;14 or under any provision of law.
Subject to Sections&nbsp;7.01, 15.01 and 15.04, nothing herein contained shall be construed to limit or
preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the
damages particularly provided above, Landlord may lawfully be entitled by reason of any default
hereunder on the part of Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.04 Notwithstanding anything to the contrary in this Lease, neither party shall have the right to
claim or receive special, indirect, punitive or consequential damages in any action or proceeding
brought against the other with respect to matters arising out of this Lease or with respect to
Tenant&#146;s occupancy of the demised premises except, in the case of Tenant, pursuant to Section
18.02.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">15.05. If Tenant requests Landlord&#146;s consent and Landlord fails or refuses to give such consent,
Tenant shall not be entitled to any damages for any withholding by Landlord of its consent, it
being intended that Tenant&#146;s sole remedy shall be an action for specific performance or injunction,
and that such remedy shall be available only in those cases where this Lease provides that Landlord
shall not unreasonably withhold its consent, condition or delay its consent.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 16
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FEES AND EXPENSES; LANDLORD&#146;S CURE RIGHTS; INTEREST
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">16.01. If Tenant shall default, after any applicable notice shall have been given and cure periods
shall have expired without Tenant curing same, in the observance or performance of any term,
provision or covenant on Tenant&#146;s part to be observed or performed under or by virtue of any of the
terms, provisions or covenants in any Article of this Lease, Landlord may remedy such default for
the account of Tenant, immediately and without notice in case of emergency, or in any other case
only provided that Tenant shall fail to remedy such default with all reasonable dispatch after
Landlord shall have notified Tenant in writing of such default and the applicable grace period for
curing such default shall
have expired and after three (3)&nbsp;days additional written notice, and if Landlord makes any
expenditures or incurs any obligations for the payment of money in connection therewith in
instituting, prosecuting or defending any action or proceeding, such sums paid or obligations
incurred, with interest at a rate two equal to (2)&nbsp;points above the Prime Rate (&#147;Interest Rate&#148;),
shall be deemed to be additional rent hereunder and shall be paid by Tenant to Landlord within
thirty (30)&nbsp;days of rendition of a bill to Tenant therefor with reasonable supporting documentation
substantiating such expenditures. &#147;Prime Rate&#148; means the interest rate charged by Citibank, N.A.
(or its successor) for ninety (90)&nbsp;day commercial loans in New York City. Subject to Sections&nbsp;7.01
and 15.04, none of the foregoing shall in any way limit any claim for damages or any other rights
or remedies available to Landlord for any breach or default by Tenant hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">16.02. In any instance where Landlord is liable to pay Tenant an amount under this Lease, Landlord
agrees that interest shall accrue at the Interest Rate on the amount due commencing on the
thirtieth (30th) day following Tenant&#146;s delivery to Landlord of a bill therefor with reasonable
supporting documentation substantiating such expeditions.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 17
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NO REPRESENTATIONS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">17.01. This Lease contains the entire agreement between Landlord and Tenant with respect to the
demised premises and the Building and each party expressly acknowledges and agrees that the other
party or its agents or representatives have not made any warranties, representations, promises or
statements with respect thereto except to the extent that the same are expressly set forth in this
Lease and each party, in executing this Lease, acknowledges that it has not relied on or upon any
such warranties, representations, promises or statements except to the extent that the same are
expressly set forth in this Lease.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 18
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">END OF TERM; HOLDOVER
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">18.01. Expressly subject to Article&nbsp;3 of this Lease, upon the Expiration Date or other termination
of the term of this Lease, Tenant shall quit and surrender to Landlord the demised premises, broom
clean, in good order and condition, ordinary wear and tear and damage by fire, the elements or
other casualty excepted, and Tenant shall remove all of its property which it is required to
remove, as provided in Article&nbsp;3. Tenant&#146;s obligation to observe or perform this covenant shall
survive the expiration or other termination of the term of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">18.02 (i)&nbsp;If Tenant holds over after the expiration or earlier termination of this Lease in any
portion of the demised premises, Tenant shall pay as holdover rental with respect to the entire
demised premises for each month (or partial month) of the holdover tenancy an amount equal to the
Applicable Percentage multiplied by the basic rent and
other Recurring Rent which Tenant was obligated to pay for the month immediately preceding the end
of the term of this Lease. In addition to the foregoing, if any such holdover continues for more
than ninety (90)&nbsp;days, Tenant be liable to Landlord for and indemnify Landlord against (x)&nbsp;any
payment or rent concession which Landlord may be required to make to any tenant obtained by
Landlord for all or any part of the demised premises (a &#147;New Tenant&#148;) by reason of the late
delivery of space to the New Tenant as a result of Tenant&#146;s holding over or in order to induce such
New Tenant not to terminate its lease by reason of the holding over by Tenant, (y)&nbsp;the loss of the
benefit of the bargain if any New Tenant shall terminate its lease by reason of the holding over by
Tenant and (z)&nbsp;any claim for damages by any New Tenant. No holding over by Tenant after the term
of this Lease shall operate to extend the term of this Lease. Notwithstanding the foregoing, the
acceptance of any rent paid by Tenant pursuant to this Section&nbsp;18.02 shall not preclude Landlord
from commencing and prosecuting a holdover or summary eviction proceeding. &#147;Applicable Percentage&#148;
shall mean with respect to any such holdover, (I)&nbsp;one hundred ten percent (110%) for the first
thirty (30)&nbsp;days, (II)&nbsp;one hundred fifty percent (150%) for the next thirty (30)&nbsp;days, and (III)
two hundred percent (200%) thereafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;Notwithstanding the provisions of Section&nbsp;18.02(i) above, if Tenant holds over in the
Initial Third Floor Space and no other portion of the demised premises after the expiration or
earlier termination of this Lease and the only nature of such holding over in the Initial Third
Floor Space is Tenant&#146;s failure to remove all of its property (whether or not operating) which
Tenant is required to remove as provided in Article&nbsp;3 (as opposed to Tenant&#146;s failure to vacate and
surrender the Initial Third Floor Space as otherwise required pursuant to the provisions of this
Lease), then (x)&nbsp;for the first sixty (60)&nbsp;days of such holdover, Tenant shall be obligated to pay
the holdover rental described in Section&nbsp;18.02(i) above only with respect to any portion of the
demised premises existing on floors 2 or 3 of the Building and the Lower Floor Stack, and (y)
thereafter, Tenant shall be obligated to pay the holdover rental described in Section&nbsp;18.02(i)
above with respect to the entire demised premises; provided, if Landlord shall have executed a
binding agreement with a third party to lease space in the Building which includes any portion of
the Initial Third Floor Space and any portion of the demised premises which exists in the Tower
Floor Stack and such lease is contemplated to commence following the expiration or earlier
termination of this Lease, then Tenant shall be obligated to pay the holdover rental described in
Section&nbsp;18.02(i) above with respect to the entire demised premises.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 19
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">QUIET ENJOYMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">19.01. Provided this Lease is in full force and effect and Tenant shall not be in default hereunder
beyond applicable notice and cure periods, Tenant may peaceably and quietly enjoy the premises
hereby demised, without hindrance or molestation by anyone claiming by, through or under the
Landlord, subject, nevertheless, to the terms, covenants and conditions of this Lease, and, to the
extent provided in the subordination nondisturbance
and attornment agreements to be delivered to Tenant under Article&nbsp;6 of this Lease, to any future
third party ground leases and future third party mortgages.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 20
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">DEFINITIONS; MAXIMUM LIABILITY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.01. The term &#147;Landlord&#148; as used in this Lease means only the owner or the mortgagee in
possession, for the time being of the land and Building (or the owner of a lease of the Building or
of the land and Building), so that in the event of any transfer of title to said land and Building
or said lease, or in the event of a lease of the Building or of the land and Building, upon
notification to Tenant of such transfer or lease the said transferor Landlord shall be and hereby
is entirely freed and relieved of all covenants and obligations of Landlord thereafter occurring
hereunder, and it shall be deemed and construed as a covenant running with the land without further
agreement between the parties or their successors in interest, or between the parties and the
transferee of the Building, or of the land and Building, that the transferee or the lessee has
assumed and agreed to carry out any and all covenants and obligations of Landlord hereunder.
Further, Tenant shall look only to, and Landlord shall have no liability arising from, relating to
or in connection with this Lease beyond, (i)&nbsp;Landlord&#146;s estate in the Building, (ii)&nbsp;any ground
lease affecting the Building, (iii)&nbsp;the net proceeds of a sale, financing or refinancing of the
Building and/or any such ground lease, (iv)&nbsp;the rents derived from the Building and (v)&nbsp;the
insurance or condemnation proceeds not used for rebuilding or restoration or applied by any
mortgagee for the satisfaction of Tenant&#146;s remedies (clauses (i)&nbsp;through (v), collectively,
&#147;Landlord&#146;s Interest&#148;), for the collection of a judgment (or other judicial process) requiring the
payment of money by Landlord in the event of a default by Landlord hereunder, and no other property
or assets of Landlord, its principals or their respective partners, investors, shareholders,
members, directors, officers, representatives, agents or employees, direct or indirect, disclosed
or undisclosed, shall be subject to levy, execution or other enforcement procedure for the
satisfaction of Tenant&#146;s remedies under or with respect to this Lease, the relationship of Landlord
and Tenant hereunder or Tenant&#146;s use or occupancy of the demised premises; provided, that so long
as the Landlord hereunder is a MetLife Affiliate, Landlord&#146;s Interest shall in no event be deemed
to exceed (and Landlord&#146;s liability shall not exceed, in the aggregate) an aggregate amount equal
to twenty five percent (25%) of the Building&#146;s fair market value at the time in question.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.02. The term &#147;business days&#148; as used in this Lease shall mean all days except (a)&nbsp;Saturdays, (b)
Sundays and (c)&nbsp;Holidays. The term &#147;<U>Holidays</U>&#148; as used in this Lease shall mean New Year&#146;s
Day, Martin Luther King, Jr.&#146;s Birthday, Presidents&#146; Day, Memorial Day, Independence Day, Labor
Day, Columbus Day, Thanksgiving, the day immediately following Thanksgiving, Good Friday and
Christmas and any other days which are hereafter designated as a holiday by the Building Service
Union Employee Service contract; provided, that notwithstanding any provision of Article&nbsp;27 to the
contrary, on any such hereafter designated holiday and on Columbus Day, Good Friday
and the day immediately following Thanksgiving, Landlord shall provide HVAC service to the demised
premises during business hours in accordance with the provisions of Article&nbsp;27 and cause a skeleton
crew to empty trash cans in the demised premises, in each case as though such days were business
days.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">20.03. The term &#147;Land&#148; shall mean the premises and property described by metes and bounds
description attached hereto and made a part hereof as Exhibit&nbsp;D.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 21
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ADJACENT EXCAVATION&#151;SHORING
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">21.01. If an excavation shall be made upon land adjacent to or under the Building, or shall be
authorized to be made, Tenant shall afford to the person causing or authorized to cause such
excavation, license to enter upon the demised premises for the purpose of doing such work as shall
be reasonably necessary to preserve the wall of the Building of which the demised premises form a
part from injury or damage and to support the same by proper foundations without any claim for
damages or indemnity against Landlord, or diminution or abatement of basic annual rent or
additional rent except as provided in this Lease. In connection with the foregoing work, the
provisions of Sections&nbsp;4.04 and 4.05 and Article&nbsp;11 shall apply as if such terms were repeated
fully in this Section&nbsp;21.01.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 22
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RULES AND REGULATIONS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">22.01. Tenant and Tenant&#146;s servants, employees and agents shall observe faithfully and comply
strictly with the Rules and Regulations set forth in Exhibit&nbsp;B attached hereto and made part hereof
entitled &#147;Rules and Regulations&#148; and such other and further reasonable Rules and Regulations or
modifications to the Rules and Regulations as Landlord or Landlord&#146;s agents may from time to time
adopt; provided, however, no modifications to the Rules and Regulations or new Rules and
Regulations shall increase Tenant&#146;s monetary obligations hereunder or adversely affect (except to a
de minimis extent) Tenant&#146;s rights hereunder (except as required by law). In the case of any
conflict or inconsistency between the provisions of this Lease and of any of the Rules and
Regulations as originally or as hereafter adopted, the provisions of this Lease shall control.
Reasonable written notice of any additional or Rules and Regulations shall be given to Tenant.
Landlord shall enforce the Rules and Regulations in a nondiscriminatory manner. The Rules and
Regulations shall apply to all office tenants in the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">22.02. The following provisions shall apply to the Rules and Regulations attached to this Lease as
Exhibit&nbsp;B and any amendments thereto:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(i)&nbsp;any limitation on the use of entrances, corridors, elevators and escalators of the Building
shall apply only to common area entrances, corridors, elevators and escalators;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(ii)&nbsp;any provision which gives Landlord the right to regulate the use of the demised premises or
the Building shall be deemed to mean Landlord&#146;s right to reasonably regulate such use;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(iii)&nbsp;any provision requiring Tenant to perform an action to Landlord&#146;s satisfaction shall be
deemed to mean Landlord&#146;s reasonable satisfaction;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(iv)&nbsp;subject to the provisions of Article&nbsp;34, any provision which gives Landlord the right to
regulate Tenant&#146;s signage shall be deemed to refer only to signage that is visible outside of the
demised premises (excluding regulation of signage inside the demised premises that is visible
solely by reason of the elevators opening into the demised premises);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(v)&nbsp;Any provision limiting the use of dangerous flammable, combustible or explosive material in
the Building without Landlord&#146;s consent shall be deemed to exclude the use of reasonable amounts of
materials and supplies typically and lawfully used in connection with cleaning, operation and
maintenance of offices or other ancillary uses;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(vi)&nbsp;Any provision limiting the right to bring animals in the demised premises shall not include
service animals permitted in accordance with applicable laws;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(vii)&nbsp;any charge to Tenant for replacing or reprogramming Building access cards shall not be in
excess of Landlord&#146;s then current Building charge for replacing and reprogramming such cards;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(viii)&nbsp;subject to the provisions of <U>Article&nbsp;3</U>, Tenant shall be permitted to install a key
card system in the demised premises;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(ix)&nbsp;any provision limiting cooking in the demised premises shall not restrict the use of a
consumer size microwave oven or coffee maker; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(x)&nbsp;Landlord agrees to promptly issue Building identification cards to all parties that are
entitled to use/occupy a Portion of the demised premises.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">22.03 If Tenant disputes the reasonableness of any Rules and Regulations or any amendment to any
Rules and Regulations hereafter adopted by Landlord, the dispute shall be determined by arbitration
in accordance with the provisions of Article&nbsp;49, and Tenant shall comply strictly in accordance
with such Rules and Regulations or amendment thereto, as the case may be, during the pendency of
any such dispute. Any such determination shall be final and conclusive upon the parties hereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 23
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NO WAIVER; ENTIRE AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">23.01. No agreement to accept a surrender of this Lease shall be valid unless in writing signed by
Landlord. No employee of Landlord or of Landlord&#146;s agents shall have any power to accept the keys
of the demised premises prior to the termination of this Lease. The delivery of keys to any
employee of Landlord or of Landlord&#146;s agent shall not operate as a termination of this Lease or a
surrender of the demised premises. In the event of Tenant at any time desiring to have Landlord
sublet the premises for Tenant&#146;s account, Landlord or Landlord&#146;s agents are authorized to receive
said keys for such purpose without releasing Tenant from any of the obligations under this Lease.
The failure of Landlord to seek redress for violation of, or to insist upon the strict performance
of, any covenant or condition of this Lease or any of the Rules and Regulations set forth herein,
or hereafter adopted by Landlord, shall not prevent a subsequent act, which would have originally
constituted a violation, from having all the force and effect of an original violation. The failure
by Tenant to seek redress for violation of, or to insist upon strict performance of, any covenant
or condition of this Lease by Landlord shall not prevent a subsequent act, which would have
originally constituted a violation, from having all the force and effect of an original violation.
The receipt by Landlord of rent with knowledge of the breach of any covenant of this Lease shall
not be deemed a waiver of such breach. The failure of Landlord to enforce any of the Rules and
Regulations set forth herein, or hereafter adopted, against Tenant and/or any other tenant in the
Building shall not be deemed a waiver of any such Rules and Regulations. Further, notwithstanding
anything to the contrary contained herein, no provision of this Lease shall be deemed to have been
waived by Landlord or Tenant, as the case may be, unless such a waiver be in writing signed by
Landlord or Tenant, as the case may be. No payment by Tenant or receipt by Landlord of a lesser
amount than the monthly rent herein stipulated shall be deemed to be other than on account of the
earliest stipulated rent, nor shall any endorsement or statement on any check or any letter
accompanying any check or payment of rent be deemed an accord and satisfaction, and Landlord may
accept such check or payment without prejudice to Landlord&#146;s right to recover the balance of such
rent or pursue any other remedy in this Lease provided.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">23.02. This Lease (including the Exhibits hereto) contains the entire agreement between the parties
and any executory agreement hereafter made shall be ineffective to change, modify, discharge or
effect an abandonment of it in whole or in part unless such executory agreement is in writing and
signed by the party against whom enforcement of the change, modification, discharge or abandonment
is sought.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">23.03. This Lease shall be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements of its type, nature and kind made and to be performed wholly
within said State and without giving effect to the conflict of laws principles.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 24
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">WAIVER OF TRIAL BY JURY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">24.01. Landlord and Tenant, for themselves, their successors and assigns, do hereby waive trial by
jury in any action, proceeding or counterclaim brought by either of the parties hereto against the
other on any matters whatsoever arising out of or in any way connected with this Lease, the
relationship of Landlord and Tenant, Tenant&#146;s use or occupancy of the demised premises, and/or any
other claims (except claims for personal injury or property damage), and any emergency statutory or
any other statutory remedy, whether any of the foregoing is based on this Lease or in tort. It is
further mutually agreed that in the event Landlord commences any summary proceeding for non-payment
of rent, Tenant will not interpose and does hereby waive the right to interpose any counterclaim of
whatever nature or description in any such proceeding unless Tenant&#146;s failure to interpose such
counterclaim in such proceeding or action would result in the waiver of Tenant&#146;s right to bring
such claim in a separate proceeding under applicable law. No party shall seek to consolidate any
action in which a jury has been waived with any other action in which a jury trial cannot or has
not been waived.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 25
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FORCE MAJEURE EVENTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">25.01. If, by reason of a &#147;Force Majeure Event&#148;, to wit: (i)&nbsp;strike, (ii)&nbsp;labor troubles, (iii)
governmental preemption in connection with a national emergency (which shall include but not be
limited to a domestic or foreign terrorist caused event), (iv)&nbsp;any rule, order or regulation of any
governmental agency, (v)&nbsp;conditions of supply or demand which are affected by war or other
national, state or municipal emergency, (vi)&nbsp;conditions which are due to war, national, state or
municipal emergency, or (vii)&nbsp;any cause beyond Landlord&#146;s or Tenant&#146;s reasonable control, Landlord
or Tenant shall be unable to fulfill its respective obligations under this Lease or Landlord shall
be unable to supply any service which Landlord is obligated to supply, this Lease and Tenant&#146;s
obligation to pay rent hereunder shall in no way be affected, impaired or excused, provided
however, that as soon as Landlord or Tenant shall learn of the happening of any of the foregoing
conditions, such party shall promptly notify the other of such event and, if ascertainable, its
estimated duration and will proceed promptly and diligently with the fulfillment of its obligations
as soon as reasonably possible. Notwithstanding anything to the contrary contained above, a Force
Majeure Event shall not include (a)&nbsp;lack of funds, (b)&nbsp;strikes or labor actions, troubles or
disputes which merely involve Landlord or Tenant, as the case may be, as parties (as opposed to,
for example, union labor strikes or similar labor actions also contemporaneously affecting other
building owners in downtown Manhattan) or (c)&nbsp;delays caused by other tenants or occupants of the
Building (including holdover by such other tenants or occupants).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 26
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NOTICES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">26.01. Any notice or demand, consent, approval or disapproval (collectively, &#147;notice&#148;) required to
be given by the terms and provisions of this Lease, or by any law or governmental regulation,
either by Landlord to Tenant or by Tenant to Landlord, shall be in writing. Unless otherwise
required by such law or regulation, such notice, demand, consent, approval or disapproval (other
than for rent or additional rent bills) shall be given, and shall be deemed to have been served and
given, if sent by hand (against a signed receipt) on the business day delivered if delivered before
5:00 P.M. New York time, or if delivered after 5:00 P.M. New York time, then on the following
business day, or by prepaid nationally recognized overnight express service marked for next
business day delivery and same shall be deemed delivered and effective the next business day if
delivered before 5:00 P.M. New York time, or if delivered after 5:00 P.M. New York time, then on
the following business day. If such notice is from Landlord to Tenant, such notice shall be
addressed to Tenant at the Building with duplicates thereof being simultaneously sent by the same
delivery procedure to (i)&nbsp;Tenant at the Building, Attn: Dennis McNamara, Esq. and (ii)&nbsp;Ingram
Yuzek Gainen Carroll &#038; Bertolotti, LLP, 250 Park Avenue, Sixth Floor, New York, New York 10177,
Attn: Shane O&#146;Neill, Esq. Such notice from Tenant to Landlord shall be addressed to Landlord c/o
Metropolitan Life Insurance Company, 10 Park Avenue, Morristown, New Jersey 07960, Attention:
Officer-In-Charge, with duplicates thereof, simultaneously being sent by the same mailing procedure
to (i)&nbsp;Landlord, c/o Metropolitan Life Insurance Company, 10 Park Avenue, Morristown, New Jersey
07962, Attention: Chief Real Estate Counsel, and (ii)&nbsp;Fried, Frank, Harris, Shriver &#038; Jacobson LLP,
One New York Plaza, New York, New York 10004, Attn: Ross Z. Silver, Esq.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">26.02 Rejection or other refusal to accept or the inability to deliver because of changed address
of which no notice was given shall be deemed to be receipt of the notice sent. Either party may, by
notice as aforesaid, designate a different (i)&nbsp;address or addresses within the United States of
America for notices and/or (ii)&nbsp;officer(s) or partner(s), as the case may be, and in the case of
Landlord, different officer(s) of Landlord upon whom service may, as above provided, be made or
effected. Notices from either party hereunder may be sent by its attorney.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 27
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SERVICES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.01. Landlord shall provide elevator service and facilities to the demised premises consistent
with the standard of elevator service and facilities in Comparable Buildings. At all times during
the hours from 8:00 AM to 6:00 PM on business days (to wit: &#147;normal business hours&#148;), Landlord
shall not remove any passenger elevators serving the demised premises from service, except for
emergencies and maintenance and, in the
event of maintenance, not more than two (2)&nbsp;elevators per elevator bank shall be removed from
service at any one time during business hours.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With respect to the Building&#146;s freight elevators and loading dock facility, Tenant shall have
access to both during normal business hours, at no charge, on a non-exclusive, first come, first
served basis, and at all other times, in an advance reservation basis for exclusive use, subject to
payment, within thirty (30)&nbsp;days of Landlord&#146;s written demand, of Landlord&#146;s then established
charges to operate the freight elevators (which cost as of the date hereof is $105 per hour) or
secure the loading dock (which cost as of the date hereof is $50 per hour), as the case may be, as
the same may be increased from time to time in accordance with the immediately following sentence,
provided that such charges shall not exceed market rates for Comparable Buildings. The amounts set
forth in above in respect of the Building standard rate per hour for overtime freight operation and
use of the loading dock shall be increased on January&nbsp;1, 2012 and on each January 1 thereafter
occurring during the term of this Lease (including the renewal term) to equal the sum of (x) $105
(with respect to the cost of freight operation) or $50 (with respect to the cost to secure the
loading dock), as the case may be, plus (y)&nbsp;the product obtained by multiplying (i) $105 (with
respect to the cost of freight operation) or $50 (with respect to the cost to secure the loading
dock), as the case may be, by (ii)&nbsp;the percentage increase in the CPI in effect as of the
applicable January 1 (i.e., as to which such increase is being calculated) over the CPI as of
December&nbsp;31, 2011. Not less than four (4)&nbsp;hours prior written notice (which may be by email to
Tony Cartagine at <U>Tony.Cartagine@am.jll.com</U>, Betty Villarreal
at <U>Betty.Villarreal@am.jll.com</U> or as
otherwise designated by Landlord to Tenant from time to time) shall be required of Tenant to the
Building&#146;s manager to request overtime freight elevator use and/or space at the loading dock on
weekends and during non-business hours on business days (<I>i.e. </I>by 2:00 P.M. on the day services is
requested for business day use and by 2:00 P.M. on Friday for weekend use).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At Landlord&#146;s option, the freight elevators shall be operated by automatic control or by manual
control, or by a combination of both of such methods. Passenger elevators shall be operated by
automatic control.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Notwithstanding anything to the contrary contained in this Section&nbsp;27.01, during Tenant&#146;s move into
the demised premises and the performance of Tenant&#146;s Work to prepare the demised premises for
Tenant&#146;s initial occupancy, Landlord shall, at no cost to Tenant, provide Tenant with up to 400
hours of exclusive overtime use (i.e., on weekends and during non-normal business hours on business
days) of freight elevator service to the demised premises and the loading dock facility.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.02. Landlord, in a manner commensurate with Comparable Buildings shall cause the public common
areas of the Building and the demised premises (including the training rooms and pantries), to be
kept clean on business days in accordance with the standards set forth in Exhibit&nbsp;C attached hereto
and made a part hereof entitled &#147;Cleaning Specifications.&#148; Notwithstanding the foregoing, Landlord
shall not be required to clean any portions of the demised premises used for preparation, serving
or consumption of
food or beverages (except pantries located in the demised premises), data processing or reproducing
operations, private lavatories or toilets or other special purposes requiring greater or more
difficult cleaning work than office areas. Landlord&#146;s cleaning contractor shall be reputable and
shall have prior experience in providing cleaning services in Comparable Buildings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The employees of Landlord engaged in cleaning services, if any, and Landlord&#146;s cleaning contractor
and its employees shall, for the purposes of providing the cleaning services required to be
furnished by Landlord hereunder, have ready access to the demised premises at all times except
during normal business hours. Landlord, its cleaning contractors and its and their employees shall
have such use of Tenant&#146;s light, fan, power and water in the demised premises, at Tenant&#146;s sole
cost, and without reimbursement, as may reasonably be required to clean the demised premises and/or
perform Landlord&#146;s obligations hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In the event Tenant wishes additional services from Landlord&#146;s cleaning contractor, such services,
to the extent same can be provided, will be charged to Tenant at commercially competitive rates
which are competitive to the amounts charged by other cleaning contractors in Comparable Buildings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tenant, at its sole option, shall have the right to purchase on its own, paper towels, soap and
sanitary napkins and provide them to Landlord&#146;s cleaning contractor to enable it to restock
lavatories within the demised premises. Sanitary napkin receptacles shall be provided by Landlord.
Any other lavatory or cleaning supplies not specified to be provided by Landlord pursuant to
Exhibit&nbsp;C shall be supplied by Tenant at its cost.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.03. (a)&nbsp;Landlord shall, through the base Building HVAC systems, furnish to the demised premises,
on an all year round basis, air-conditioning, ventilation and heat, as per the requirements of the
HVAC specifications set forth on Exhibit&nbsp;MSC annexed hereto and made a part hereof during normal
business hours, subject to all laws, rules and regulations and statutes of all governments,
including agencies and departments thereof, having or claiming jurisdiction over the Building or
the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Landlord will maintain the base Building heating, ventilation and air-conditioning systems
in a manner befitting the standards of Comparable Buildings and will use reasonable care to keep
the same in proper and efficient operating condition. However, Landlord will not be responsible
for the failure of the HVAC system to perform properly if such failure results from the occupancy
of the demised premises with more than an average of one (1)&nbsp;person for each one hundred forty
three (143)&nbsp;square feet of usable area.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Tenant agrees to keep and cause to be kept closed all the windows in the demised premises
and Tenant agrees to cooperate with Landlord and to abide by all the regulations and requirements
which Landlord may reasonably prescribe for the proper functioning and protection of the base
Building HVAC system.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Tenant agrees that Landlord shall not be obligated to operate the ventilating,
air-conditioning, and heating systems after or before normal business hours as set forth in Section
27.01(a) (except as required to bring HVAC conditions equal to those specified in Exhibit&nbsp;MSC by
the commencement of normal business hours) except after prior written notice from Tenant as
hereinafter specified. Tenant agrees that, except as otherwise provided herein, Landlord&#146;s failure
to operate the HVAC system in the absence of such notice shall not be deemed a partial or other
eviction, or disturbance of Tenant&#146;s use, enjoyment, or possession of the demised premises, and
shall not render Landlord liable for damages, by abatement of rent or otherwise, and Tenant shall
not be relieved from any obligation under this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Landlord will provide Tenant with ventilation, air-conditioning, or heating at times other
than during normal business hours, at the rate hereinafter set forth, provided that Tenant shall
give written notice (which may be by email to Tony Cartagine at
<U>Tony.Cartagine@am.jll.com</U>, Betty
Villarreal at <U>Betty.Villarreal@am.jll.com</U> or as otherwise designated by Landlord to Tenant from
time to time) prior to 3:00 P.M. in the case of such service on weekdays and prior to 3:00 P.M. on
Fridays in the case of such service on weekends. Tenant agrees to pay for such after-hour service
at Landlord&#146;s then established rate therefor (which rate, as of the date hereof, is the applicable
Current HVAC Rate), as the same may be increased from time to time in accordance with the
immediately following sentence, provided that such rates shall not exceed market rates for
Comparable Buildings, and further provided that in the event that any other occupant of the
Building shall request overtime HVAC service during all or any portion of the time Tenant has
requested such service, the labor portion of the charges for such services shall be proportionately
prorated among all such occupants requesting such service. The amount set forth in above in
respect of the Building standard rate per hour for overtime HVAC shall be increased on January&nbsp;1,
2012 and on each January 1 thereafter occurring during the term of this Lease (including the
renewal term) to equal the sum of (x)&nbsp;the applicable Current HVAC Rate plus (y)&nbsp;the product
obtained by multiplying (i)&nbsp;the applicable Current HVAC Rate by (ii)&nbsp;the percentage increase in the
CPI in effect as of the applicable January 1 (i.e., as to which such increase is being calculated)
over the CPI as of December&nbsp;31, 2011. The &#147;<U>Current HVAC Rate</U>&#148; shall mean, as applicable,
(x) $150 per hour per floor between the weekday hours of 6:00 P.M. and 7:00 P.M., (y)&nbsp;with respect
to only one floor of the demised premises (as designated in writing by Tenant to Landlord) for
twelve (12)&nbsp;consecutive month blocks at a time, $100 per hour for the first such eight hundred
(800)&nbsp;hours and $150 per hour thereafter, between the hours of 7:00 P.M. and 3:00 A.M. on weekdays,
12:00&nbsp;P.M. to 5:00 P.M. on Saturdays and 10:00&nbsp;A.M. and 2:00 P.M. on Sundays (the &#147;<U>Bulk HVAC
Hours</U>&#148;), provided that Tenant shall pay Landlord for the availability of overtime HVAC during
all of the Bulk HVAC Hours throughout such twelve (12)&nbsp;consecutive month period, irrespective of
whether Tenant shall actually need or use such overtime HVAC during such times, and (z)&nbsp;at all
other times and in all other circumstances, $250 per hour per floor. Any payment required under
this Section&nbsp;27.03(e) shall be made to Landlord within thirty (30)&nbsp;days after Landlord&#146;s demand
therefor. The rights of Tenant under this Section&nbsp;27.03 shall be personal to the named Tenant
herein (or any Permitted Transferee).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;(i)&nbsp;Landlord will provide Tenant with up to 190 tons of connected load of chilled water
for the supplemental HVAC systems serving the demised premises. Tenant shall have the option to
install an additional 100 tons of connected load subject to the terms and conditions of this Lease
applicable to the performance of Tenant Alterations, provided such option is exercised in writing
to Landlord on or before January&nbsp;1, 2017. Tenant shall pay as additional rent based on the BTU
meter, (x)&nbsp;for 190 of such 290 tons of chilled water from and after the date Tenant begins to use
any portion of the demised premises for the conduct of business, and (y)&nbsp;for all 290 tons of
chilled water from and after January&nbsp;1, 2017 (or such earlier date that Tenant shall exercise its
option to install an additional 100 tons of connected load), an amount equal to Landlord&#146;s then
established rates therefor (which are as of the date of this Lease (1) $0.23 per ton per hour of
use of chilled water during normal business hours, and (2)&nbsp;0.41 per ton per hour of use of chilled
water during after normal business hours), as the same may be increased from time to time in
accordance with the immediately following sentence, provided that such rates shall not exceed
market rates for Comparable Buildings. Each of the dollar amounts set forth in this Section
27.03(f)(i) (i.e., $0.23 and $0.41) (each, as applicable, the current &#147;Tonnage Rate&#148;) shall be
increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring during the term of this
Lease (including any renewal term) to equal the sum of (I)&nbsp;the applicable Tonnage Rate plus (II)
the product obtained by multiplying (A)&nbsp;such Tonnage Rate by (B)&nbsp;the percentage increase in the CPI
in effect as of the applicable January 1 (i.e., as to which such increase is being calculated) over
the CPI as of December&nbsp;31, 2011. On or prior to the date that Tenant begins to use any portion of
the demised premises for the conduct of business, Tenant shall, at Tenant&#146;s sole cost and expense,
install BTU meters to measure Tenant&#146;s consumption of chilled water from all supplemental units,
including all existing AC units and fan coil units on each floor of the demised premises. If
Tenant shall fail to install such BTU meters, Landlord may, at Tenant&#146;s sole cost and expense,
install same and Tenant shall reimburse Landlord for the actual out-of-pocket cost to Landlord of
the BTUs meter and installation thereof within thirty (30)&nbsp;days of the rendition of a bill
therefor, including interest thereon at the Interest Rate from the thirty-first (31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>)
day following the date billed to Tenant until the date reimbursed. Notwithstanding the foregoing,
the wiring front end control system associated with such BTU meters shall be at Landlord&#146;s cost.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(ii)&nbsp;If Tenant timely exercises its option to lease the UPS Space, and elects to use the
Existing UPS System, in either case in accordance with the provisions of Section&nbsp;30.06(a), then
Landlord shall make available for Tenant&#146;s use the three 20-ton condenser water units located on
the 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> floor of the Building that serve the Existing UPS System, and Tenant shall pay
as additional rent an amount equal to Landlord&#146;s then established rate therefor (which is as of the
date of this Lease $600 per ton per annum), as the same may be increased from time to time in
accordance with the immediately following sentence, provided that such rates shall not exceed
market rates for Comparable Buildings. The dollar amount set forth in this Section&nbsp;27.03(f)(ii)
(i.e., $600) shall be increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring
during the term of this Lease (including any renewal term) to equal the sum of
(I) $600 plus (II)&nbsp;the product obtained by multiplying (A) $600 by (B)&nbsp;the percentage increase
in the CPI in effect as of the applicable January 1 (i.e., as to which such increase is being
calculated) over the CPI as of December&nbsp;31, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.04. The performance by Landlord of its obligations under Section&nbsp;27.03 is subject to Tenant&#146;s
compliance with the conditions of occupancy and as stated in Section&nbsp;27.03(b). Use of the demised
premises, or any part thereof, in a manner exceeding the HVAC design conditions set forth on
Exhibit&nbsp;MSC (including occupancy and demand load), or rearrangement of partitioning which
interferes with normal operation of the heating, ventilating and/or air-conditioning in the demised
premises, or the use of computer or data processing machines or other machines or equipment, in
each case that are not typically used in offices, may require changes in the heating, ventilating
and/or air-conditioning systems servicing the demised premises, in order to provide comfortable
occupancy. Such changes, so occasioned, shall be made by Tenant, at its expense, as alterations in
accordance with the provision of Article&nbsp;32, but only to the extent permitted and upon the
conditions set forth in that Article.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.05. Subject to the provisions of Sections&nbsp;4.05 and 25.01, Landlord reserves the right to stop
services on the HVAC, elevator, plumbing and electrical systems when necessary, in the reasonable
judgment of Landlord, for reason of accident or emergency or for repairs, alterations, replacements
or improvements, provided that except in case of emergency, Landlord will notify Tenant in advance,
if possible giving at least five (5)&nbsp;business days notice, of any such stoppage and, if
ascertainable, its estimated duration, and will proceed diligently with the work necessary to
resume such service as promptly as possible and in a manner so as to minimize interference with
Tenant&#146;s use and enjoyment of the demised premises. Except in case of an emergency, Landlord shall
schedule any work requiring the discontinuance entirely of any service in the Building on a
weekend, starting not before business hours end on a Friday. Such repairs, alterations,
replacements or improvements performed by Landlord shall not adversely affect any of Tenant&#146;s
operations or installations, other than for a shut-down during the stoppage period. Landlord shall
repair or replace any portion of Tenant&#146;s installation that is damaged during such work.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.06. Landlord will, through the existing water pipes presently servicing the demised premises,
supply Tenant with an adequate quantity of cool water for ordinary lavatory, cleaning and pantry
and drinking purposes and hot water for ordinary lavatory purposes. Tenant shall be responsible to
heat any water provided by Landlord to any other portion of the demised premises, or for any other
purpose, at Tenant&#146;s sole cost and expense. If Tenant requires water for any additional purpose,
including the operation of any private lavatory or dining facility, Tenant shall pay the cost
thereof at the cost to Landlord as the same is measured by a meter to be installed and maintained
at Tenant&#146;s expense or if Landlord does not require Tenant to install such meter, the measurement
shall be on the basis of a survey by an engineer or consultant chosen by Landlord and reasonably
agreed to by Tenant but paid for by Tenant. Notwithstanding the preceding sentence, Tenant may
elect to install a meter at its expense to measure the additional consumption. Tenant shall pay for
its additional water consumption at the per unit rate paid by Landlord
to the City of New York for supplying water to the Building plus any costs to heat water as
applicable. Each of Tenant and Landlord shall have the right, at Tenant&#146;s expense, to resurvey
Tenant&#146;s additional water consumption at such intervals as Landlord or Tenant deem necessary, but
not more than once annually and if such survey shows and increase or decrease in additional usage
by Tenant, the charge by Landlord to Tenant shall be adjusted accordingly to the date of service by
credit or debit, as the case may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.07. In the event Tenant shall employ any Contractor to perform in the demised premises any work
permitted or required to be done by Tenant under this Lease, such Contractor shall agree to employ
only such labor as will not result in jurisdictional disputes or strikes. Landlord agrees that
such Contractor shall, subject to such rules and regulations reasonably imposed by Landlord, have
reasonable use of the Building facilities. Tenant will inform Landlord in writing of the names of
any Contractor Tenant proposes to use in the demised premises at least ten (10)&nbsp;business days prior
to the beginning of work by such Contractor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.08. If Tenant is permitted hereunder to and does have a separate area for the preparation or
consumption of food in the demised premises, to wit: a cafeteria, pantry, dining rooms (executive
and otherwise), Tenant shall pay the cost of removal from the Building of any refuse or rubbish
from such area and the cost of employing on a regular basis, an exterminator to keep the demised
premises free from vermin pursuant to a pest control program commensurate with that of a similar
operation; and if required by Landlord in connection with a similar operation, Tenant shall provide
a refrigerated garbage storage room, the plans and specifications thereof to be approved by
Landlord, or other means of storing of garbage reasonably satisfactory to Landlord. In addition,
Tenant agrees to expeditiously address any nuisance or odor or vermin complaints alleged to arise
from the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.09. (a)&nbsp;Landlord shall make available for Tenant&#146;s nonexclusive use the Building&#146;s common
cafeteria (the &#147;<U>Building Cafeteria</U>&#148;), the size, location, design, appearance and
configuration of which shall be at Landlord&#146;s sole discretion and subject to change by Landlord
from time to time, provided that (i)&nbsp;in no event shall the Building Cafeteria be reduced to less
than 10,000 rentable square feet except on a temporary basis, and (ii)&nbsp;Landlord shall replace the
chairs existing in the Building Cafeteria as of the date of this Agreement with chairs that are
commensurate with building cafeteria chairs in Comparable Buildings. Tenant&#146;s use of the Building
Cafeteria shall not unreasonably interfere with other tenants&#146; use of the Building Cafeteria and
shall be subject to Tenant&#146;s compliance with all rules and regulations established from time to

</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">time
by  Landlord with respect thereto. Tenant shall not be entitled to any free food or other goods
or services in connection with its use of the Building Cafeteria and such use shall be subject to
the payment of the then applicable charges relating thereto, provided that Tenant shall not be
charged greater sums for menu selections than the sums charged to any other tenants in the
Building. Landlord shall retain a third party vendor with experience operating cafeterias in
buildings similar to the Building and otherwise acceptable to Landlord to operate the Building
Cafeteria (including the seating area thereof) and provide catering services to Tenant in a manner
commensurate with
Comparable Buildings. The goods served in the Building Cafeteria shall be as determined by such
third party vendor and include a reasonable variety of beverages and freshly prepared foods that
are appropriate for the particular times of day of such service, and the cost therefor shall be as
determined by such third party vendor and consistent with market rates. The Building Cafeteria
shall not be open to the public generally.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Tenant shall pay Landlord as additional rent for the right to use the Building Cafeteria,
an amount equal to Tenant&#146;s Proportionate Share (as hereinafter defined) of the rental value for
the area of the Building in which the Building Cafeteria operates, as set forth on Schedule&nbsp;II (the
&#147;Cafeteria Rent&#148;), subject to proportionate adjustment if the rentable square footage of the
Building Cafeteria shall increase or decrease during the Term. Tenant shall pay Cafeteria Rent in
equal monthly installments as set forth on Schedule&nbsp;II in advance on the first day of each month in
the same manner as Tenant is required to pay basic rent hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Landlord shall use commercially reasonable efforts to cause the Building Cafeteria to be
open for business on or before September&nbsp;1, 2012. If Landlord shall fail to cause the Building
Cafeteria to initially open for business on or before September&nbsp;1, 2012 (such date, as the same may
be extended from time to time due to the occurrence of Force Majeure Events not to exceed ninety
(90)&nbsp;days in the aggregate, the &#147;Outside Cafeteria Opening Date&#148;), then Tenant shall be entitled to
(i)&nbsp;one (1)&nbsp;day additional abatement of Cafeteria Rent for each day following the Outside Cafeteria
Opening Date that the Building Cafeteria shall not initially be open for business until the date
that is sixty (60)&nbsp;days following the Outside Cafeteria Opening Date, and (ii)&nbsp;two (2)&nbsp;days
additional abatement of Cafeteria Rent for each day thereafter until such time as the Building
Cafeteria initially opens for business. The Building Cafeteria shall be open for business on
business days between the hours of 7:00 A.M. to 3:00 P.M., subject to closure in connection with
renovations, maintenance, repairs, relocations and other temporary closures. If the Building
Cafeteria shuts down and ceases operating for more than one consecutive business day following the
initial opening thereof for business, Landlord shall have no liability to Tenant therefor and
Tenant shall not be entitled to any abatement of rent (other than Cafeteria Rent, which Tenant
shall not be obligated to resume paying until and when the Building Cafeteria is once again open
for business), nor shall Tenant be relieved from the obligation to fulfill any covenant or
agreement under this Lease; provided, if such cessation continues for more than forty five (45)
consecutive days and is not caused by the application of Legal Requirements, the performance of
maintenance, repairs, replacements, improvements or alterations, the termination or replacement of
the Building Cafeteria operator or the occurrence of a Force Majeure Event, then Tenant shall not
be obligated to resume paying Cafeteria Rent until the number of days following the reopening of
the Building Cafeteria for business that is equal to the number of consecutive days that the
Building Cafeteria ceased to operate. Landlord shall re-open the Building Cafeteria for business
promptly following the cessation, remediation, performance, satisfaction, termination or other
resolution (as applicable) of such condition, event, circumstance, work or other matter the
occurrence or existence of which caused Landlord to cease operating the Building Cafeteria.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Notwithstanding anything to the contrary contained in this Section&nbsp;27.09, Landlord shall
have the option, at its sole discretion, from and after the date upon which (i)&nbsp;Tenant shall
commence the operation of a cafeteria in the demised premises to service Tenant&#146;s employees
generally (as opposed to servicing exclusively executives and/or clients of Tenant), or (ii)&nbsp;less
than an average of seventy-five (75)&nbsp;employees of Tenant (as opposed to Tenant&#146;s subtenants, Desk
Space Users, invitees, contractors or other persons claiming by, through or under Tenant) per week
shall have purchased goods from the Building Cafeteria for the preceding eight (8)&nbsp;consecutive week
period, as reasonably determined by Landlord. Landlord&#146;s cessation of the operation of the
Building Cafeteria as aforesaid shall neither relieve Tenant of any of its obligations to be
performed under this Lease, nor subject Landlord to any liability to Tenant or require Landlord to
re-open the Building Cafeteria at any time; provided, that from and after the date of such
cessation of the operation of the Building Cafeteria, Tenant shall no longer be obligated to pay
Cafeteria Rent, and Cafeteria Rent shall be adjusted for any partial month in which such cessation
of the operation of the Building Cafeteria shall occur.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.10 Landlord shall use commercially reasonable efforts to cause a Building newsstand/sundry shop,
a messenger center and a mailroom to operate during the term of this Lease at locations in the
Building determined by Landlord, provided that Landlord&#146;s failure to make any such services or
facilities available in the Building at any time during the term of this Lease shall neither
relieve Tenant of any of its obligations to be performed under this Lease, nor subject Landlord to
any liability to Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.11 (a)&nbsp;Subject to compliance with all applicable Legal Requirements, Tenant shall have the right
to use, on an exclusive basis, two (2)&nbsp;parking spaces in the Building&#146;s loading dock facility for
Tenant&#146;s executive officers, provided that Tenant (and/or a Permitted Transferee) shall occupy at
least 175,000 rentable square feet in the Building. Tenant&#146;s parking spaces shall be used only by
one or two executive officers of Tenant that are identified by Tenant to Landlord in writing and
shall be personal to such executive(s). Such executive(s) shall be provided reasonable access to
the Building&#146;s loading dock facility for the limited purpose of accessing his or her vehicle.
Tenant shall be permitted from time to time (but no more frequently than once per calendar month)
to transfer the exclusive use of either parking space from such executive officer(s) to a different
executive officer or officers of Tenant upon prior written notice to Landlord. Tenant shall be
permitted to install, at Tenant&#146;s sole cost and expense, signage identifying the name of the
executive officer(s) of Tenant entitled to use such parking spaces and to make modifications
thereto from time to time in the event Tenant
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">transfers the exclusive use of either such parking
space to a different executive officer of Tenant in accordance with the immediately preceding
sentence, provided that the location, size, dimensions and appearance of such signage shall be
subject to Landlord&#146;s approval, such approval not to be unreasonably withheld, conditioned or
delayed. Upon the expiration or earlier termination of the Lease, Tenant shall remove any such
parking space signage at its sole cost and expense and Tenant shall repair any damage caused to the
Building by the use or removal of such parking space signage. Landlord shall have the right (but
not the obligation) to perform Tenant&#146;s removal and restoration obligations under this Section
27.11(a) and Tenant
shall, on demand, reimburse Landlord for all actual reasonable out-of-pocket costs and expenses
incurred by Landlord in connection therewith. Landlord reserves the right at all times to relocate
or alter the portions of the parking areas designated for such use, or to substitute for one or
both of Tenant&#146;s designated parking spaces an alternative space or spaces for Tenant&#146;s exclusive
use, and in connection therewith Tenant shall relocate any parking space signage installed by
Tenant as reasonably requested by Landlord. Tenant shall upon request promptly furnish to Landlord
the license numbers of the vehicles using the parking spaces. Tenant may not sublet either of
Tenant&#146;s parking spaces except to a subtenant occupying at least 175,000 rentable square feet and
any such subtenant&#146;s right to use such parking space(s) shall be subject to the terms of this
Section&nbsp;27.11.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;All parking spaces located in the loading dock facility, roadways and driveways will be at
the users&#146; own risk, and Landlord shall not be liable for any injury to person or property, or for
loss or damage to any automobile or its contents, resulting from theft, collision, vandalism or any
other cause whatsoever other than the negligence or willful misconduct of Landlord or Landlord&#146;s
agents, employees or contractors. Landlord shall have no obligation whatsoever to provide a guard
or any other personnel or device to patrol, monitor, guard or secure any parking areas; if Landlord
does so provide, it shall be solely for Landlord&#146;s convenience, and Landlord shall in no way
whatsoever be liable for any acts or omissions of such personnel or device in failing to prevent
any such theft, vandalism, or loss or damage by other cause.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Tenant&#146;s designated executive officer(s) shall be permitted, at his/her own risk, to leave
their vehicles in the parking area of the loading dock facility overnight for not more than one (1)
week at any time; provided, if any automobile owned by Tenant or by its personnel remain in the
parking area overnight and the same interferes with the cleaning or maintenance of the loading dock
facility, any costs or liabilities incurred by Landlord in removing said automobile to effectuate
cleaning or maintenance, or any damages resulting to said automobile or to Landlord&#146;s equipment or
equipment owned by others by reason of the presence of or removal of said automobile during such
cleaning or maintenance shall be paid by Tenant to Landlord, as additional rent on the rent payment
date next following the submission of a bill therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Landlord shall have the right to require that all cars exhibit such identification as
Landlord may from time to time deem reasonably necessary to control the use of the parking area in
the loading dock facility. Upon reasonable prior notice to Tenant, Landlord shall have the right
to tow, at Tenant&#146;s sole cost and expense, any cars not exhibiting such identification if required
if such cars remain in the parking area in the loading dock facility for seven (7)&nbsp;consecutive
days.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.12. Tenant shall be provided with riser space as described on Exhibit&nbsp;MSC attached hereto;
provided that Tenant may utilize a reasonable amount of such conduit space to connect the Rooftop
Equipment to the demised premises, such conduits to be in locations reasonably designated by
Landlord. Landlord shall not be required to perform any work or expend any sums in order to make
additional riser space available to
Tenant, nor shall Landlord be required to create any new vertical or horizontal pathways desired by
Tenant, but Tenant may do so if approved by Landlord, such approval not to be unreasonably
withheld, conditioned or delayed, and otherwise in compliance with applicable provisions of this
Lease. Tenant shall perform all work in connection with such riser space at Tenant&#146;s expense,
subject to Landlord&#146;s approval of the plans and specifications therefor and compliance with all
other applicable provisions of the Lease applicable to Tenant Alterations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.13 Landlord shall provide, or cause one or more contractor(s) to provide, security service to
the Building in a manner consistent with Comparable Buildings, including, without limitation, the
installation of security cameras (or other surveillance devices) that monitor the exterior doors
providing access from the street to the Building and the reasonable staffing of security personnel
in the lobby and loading dock facility. Landlord shall install or implement a system for card-key
access to the Building or any common area thereof, which system shall be capable of being adapted
to by, or synchronized with, one or more other systems for card-key access so as to enable tenants
single card-key access to both the Building (or such common area thereof) and their premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.14 In the event Landlord has or shall establish a Building directory, Landlord shall maintain
listings on such directory of the name of Tenant and/or its Affiliates, provided the total number
of such listings shall not exceed Tenant&#146;s proportionate share of the available spaces in the
Building directory.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.15 Landlord shall operate or cause to be operated, the Building in a first class and efficient
manner and shall provide or cause to be provided management and services of a quality consistent in
all material respects with the standards from time to time applicable to the operation of
Comparable Buildings; provided that this <U>Section&nbsp;27.15</U> shall not be deemed to increase the
Building services Landlord is obligated to provide.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.16 To the extent not set forth in this Article&nbsp;27 or in Article&nbsp;30 and not inconsistent with the
provisions of this Article&nbsp;27 or Article&nbsp;30 or any other provision of this Lease, Landlord shall
provide such additional services and in accordance with the specifications applicable thereto
described in Exhibit&nbsp;MSC (it being acknowledged and agreed that to the extent any of the provisions
of Exhibit&nbsp;MSC shall conflict or be inconsistent with the provisions of this Article&nbsp;27 or Article
30 or any other provision of this Lease, the provisions of this Article&nbsp;27 or Article&nbsp;30 or such
other provisions of this Lease (as the case may be) shall supersede and control).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">27.17 Landlord will not be required to furnish any service not expressly agreed to be provided by
Landlord under this Lease.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 28
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">TAX INCREASE PAYMENTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.01. For the purposes of this Article&nbsp;28 and other provisions of this Lease:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The term &#147;Taxes&#148; shall mean (i)&nbsp;the real estate taxes, assessments and special assessments
(including but not limited to so-called &#147;Business Improvement District Taxes&#148;) imposed upon the
Building and/or the land by any federal, state, municipal or other governments or governmental
bodies or authorities, and whether or not any of the foregoing are not final assessments or are the
basis of any proceeding instituted or commenced to contest the amount or validity of any of the
same, and (ii)&nbsp;any reasonable expenses incurred by Landlord in contesting such taxes or assessments
and/or the assessed value of the Building and/or the land, which expenses shall be allocated to the
Base Tax Year or the Tax Year to which such expenses relate. If at any time during the term of
this Lease the methods of taxation prevailing on the date hereof shall be altered so that in lieu
of, or as an addition to or as a substitute for, the whole or any part of such real estate taxes,
assessments and special assessments now imposed on real estate there shall be levied, assessed or
imposed (x)&nbsp;a tax, assessment, levy, imposition, license fee or charge wholly or partially as a
capital levy or otherwise on the rents received therefrom or (y)&nbsp;any other such additional or
substitute tax, assessment, levy, impositions, fees or charges or the part thereof so measured or
based shall be deemed to be included within the term &#147;Taxes&#148; for the purposes thereof.
Notwithstanding anything to the contrary set forth herein, &#147;Taxes&#148; shall not include any (a)
so-called &#147;personal&#148; taxes, to wit: income, gift, inheritance or estate taxes, (b)&nbsp;transfer or
excise tax imposed on the transfer, financing or refinancing of any interest in the Building or the
land or income, franchise or &#147;value added&#148; tax, or (c)&nbsp;penalties and interest due to the delinquent
payment by Landlord of any Taxes provided that Tenant shall have timely paid its share thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The term &#147;Base Tax Year&#148; shall mean the fiscal tax year of the City of New York commencing
July&nbsp;1, 2011 and ending June&nbsp;30, 2012; <U>provided</U>, if the Landlord&#146;s Required Work Completion
Date has not occurred on or before October&nbsp;1, 2012, the &#147;Base Tax Year&#148; shall mean, individually or
collectively as the context may require, the fiscal years of the City of New York commencing July
1, 2012 and ending June&nbsp;30, 2013.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The term &#147;Base Tax&#148; shall mean an amount equal to the Taxes for the Base Tax Year, as
adjusted pursuant to the penultimate sentence of Section&nbsp;28.01(a).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;The term &#147;Tax Year&#148; shall mean the Base Tax Year, and each succeeding twelve (12)&nbsp;month
period thereafter.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The term &#147;Tenant&#146;s Proportionate Share&#148; shall mean 25.01%, which figure is obtained by
multiplying 100 by a fraction, the numerator of which is the rentable square footage of the initial
demised premises (excluding the Storage Space) and the denominator of which is 1,076,130 rentable
square feet of the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;The term &#147;Tax Statement&#148; shall mean a written statement prepared by Landlord or its agent,
setting forth Landlord&#146;s computation of the sum payable by Tenant under this Article&nbsp;28 for a
specified Tax Year. Tenant acknowledges that the actual Tax bills may not be available at the time
the Tax Statement is delivered to Tenant by Landlord but that when available, a copy will be
promptly be sent Tenant, at no charge, by or on behalf of Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.02. If the fiscal tax year of the City of New York shall be changed during the term hereof, any
Taxes for a real estate fiscal tax year, a part of which is included within a particular Tax Year
and a part of which is not so included shall be apportioned on the basis of the number of days in
the fiscal tax year included in the particular Tax Year for the purpose of making the computations
under Section&nbsp;28.03.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.03. If the Taxes for any Tax Year following the Base Tax Year during the term of this Lease
shall exceed the Base Tax, Tenant shall pay for such Tax Year an amount (herein called &#147;Tax
Payment&#148;) equal to Tenant&#146;s Proportionate Share of the excess. The term &#147;Tax Payment Date&#148;, as
used herein, shall mean the last day that Landlord may pay the Taxes to the taxing authorities
without interest or penalty. The term &#147;Tax Period&#148;, as used herein, shall mean a period commencing
the first day after a Tax Payment Date and continuing through and including the next occurring Tax
Payment Date. The Tax Payment for each Tax Year shall be due and payable in installments in the
same manner that Taxes for such Tax Year are due and payable by Landlord to the taxing authorities
(or required to be escrowed with any mortgagee or ground lessor, if applicable), in each case at
least thirty (30)&nbsp;days prior to the applicable date Landlord is required to pay (or escrow) same.
In the event Tenant&#146;s share of Taxes is unknown at the commencement of a Tax Period, Landlord shall
estimate same, based on the previous year&#146;s Taxes for the Building, which amount shall be
appropriately adjusted when the actual amount of Tenant&#146;s share of Taxes becomes known. If it
becomes necessary to adjust the regular payments during a Tax Period, Landlord agrees to give
Tenant not less than thirty (30)&nbsp;days notice of such adjustment, which notice shall include
appropriate copies of documentation serving as the basis for such adjustment. Notwithstanding the
provisions of this Section&nbsp;28.03, provided that Tenant is not in monetary default or material
non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall not
be obligated to make any Tax Payment for any portion of a Tax Year that occurs during the Initial
Rent Abatement Period (i.e., the payment obligation shall be forgiven in its entirety with respect
to such period); provided that if any such default exists during the Initial Rent Abatement Period
and is thereafter cured, then so long as no other such default then exists and the Lease remains in
effect, Tenant shall be immediately entitled to the applicable unapplied portion of the abatement
after such default has been cured.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.04. If the Base Tax is reduced as a result of an appropriate proceeding or otherwise, Landlord
shall give notice to Tenant of the amount by which Tax Payments previously made were less than the
Tax Payments required to be made under this Article, and Tenant shall pay the amount of the
deficiency within thirty (30)&nbsp;days after demand
therefor. Notwithstanding any such reduction in the Base Tax, for purposes of calculating Tenant&#146;s
Tax Payments hereunder the actual assessment for the Base Tax shall in no event be reduced below an
amount equal to $83,500,000.00.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.05. If Landlord shall receive a refund of the Taxes for any Tax Year, Landlord shall credit
Tenant against subsequent payments under this Article, Tenant&#146;s Proportionate Share of the net
refund (after deducting from such total refund the reasonable costs and expenses, including, but
not limited to, appraisal, accounting and reasonable legal fees of obtaining the same, to the
extent that such costs and expenses were not included in the Taxes for such Tax Years), provided,
however, such payment or credit to Tenant shall in no event exceed Tenant&#146;s Tax Payment paid for
such Tax Year. If such payment to Tenant becomes due the last month of the term of this Lease,
Landlord will promptly pay Tenant in cash the amount of Tenant&#146;s overpayment of rents resulting
from compliance with the Landlord&#146;s Tax Statement to the forwarding address Tenant has provided to
Landlord in writing. Landlord acknowledges that the immediately foregoing obligation to refund any
overpayment made by Tenant to Landlord shall survive the expiration or termination of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.06. If a Tax Year commences or ends before or after the commencement or expiration of the
Initial Rent Abatement Period or expiration or termination of the term of this Lease, the Tax
Payment thereof shall be pro-rated to correspond to that portion of such Tax Year occurring within
the term of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.07. During the term of this Lease, Tenant shall have the right to audit Landlord&#146;s Records with
respect to Taxes payable during a Tax Year (including the Base Tax Year). The provisions of
Sections&nbsp;29.04, 29.05 and 29.06 herein with respect to Operating Expenses shall apply <I>mutatis
mutandis </I>to Tenant&#146;s right to review and audit Landlord&#146;s Records with respect to Taxes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.08 As long as such proceedings are available to reduce Taxes, Landlord agrees to file for a
reduction in Taxes for the Building during each year during the term of this Lease. Without
limiting the provisions of Section&nbsp;28.05 above, in the event it is determined that a tax discount
or subsidy is actually granted by the taxing authority because Tenant has elected to remain in
and/or expand its demised premises in the Building, the benefits of such discount or subsidy to the
Building shall be passed on to Tenant. In connection with any such proceedings (or any
consultation by Landlord with representatives of applicable governmental authorities), at Tenant&#146;s
request, Landlord and Tenant shall confer with each other on all matters of material significance
related thereto.
</DIV>
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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.09 Provided it is not the result of a failure of a Taxing authority, if Landlord shall have
failed to render a Tax Statement with respect to any Tax Year for a particular item or items within
twenty four (24)&nbsp;months after the end of the applicable Tax Year (or within twelve (12)&nbsp;months
following the end of the Tax Year in which the expiration or earlier termination of this Lease
occurs), Landlord may not then attempt to charge Tenant for such item or items and Tenant shall not
be obligated to make any further Tax Payment with respect to such Tax Year with respect thereto,
provided, however, (a)&nbsp;Landlord shall
still be obligated to deliver a Tax Statement for such Tax Year for purposes of establishing
whether there was an overpayment by Tenant for such Tax Year; (b)&nbsp;Landlord, within forty-five (45)
days after delivery of such Tax Statement, shall refund to Tenant the amount of any such
overpayment, including, if Landlord overstated Taxes by more than five percent (5%) of the actual
Taxes for such Tax Year, interest on the amount overpaid by Tenant as a result thereof at the Prime
Rate from the date of such overpayment to the date the same is refunded to Tenant; and (c)&nbsp;any such
payment shall be made without prejudice to Tenant&#146;s right to audit and dispute the Landlord&#146;s Tax
Statement pursuant to Section&nbsp;28.07 above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.10 Upon Tenant&#146;s request, Landlord shall cooperate in all reasonable respects with Tenant with
respect to Tenant&#146;s efforts to negotiate and implement an incentive package with various
governmental entities for the abatement of commercial rent tax, energy costs, sales or use tax or
other similar taxes or impositions, including the execution and delivery of any estoppel and other
certificates or documentation reasonably and customarily required by such entities, provided that
no such certificate or documentation shall (a)&nbsp;increase any obligation of Landlord under this
Lease, (b)&nbsp;adversely affect any right of or benefit to Landlord under this Lease, or (c)&nbsp;relieve
Tenant of any of its obligation under this Lease. Any and all fees, costs and expenses imposed by
such governmental entities in connection with any such incentive package to be obtained by Tenant
shall be borne solely by Tenant, and Tenant shall reimburse Landlord as additional rent within
thirty (30)&nbsp;days of Landlord&#146;s demand therefor, for any and all reasonable out-of-pocket fees,
costs and expenses incurred by Landlord in connection with Tenant&#146;s requests and in cooperating
with Tenant as provided in this Section&nbsp;28.10, including, without limitation, the reasonable costs
and expenses of Landlord&#146;s counsel, consultants and professionals. Any such benefits obtained by
Tenant (or on behalf of Tenant) at Tenant&#146;s sole expense from any governmental entities shall be
solely for the benefit of Tenant and to the extent that any of the same are actually received by
Landlord, Landlord shall provide Tenant with a corresponding credit against the applicable Tax
Payment due and payable hereunder in the amount thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.11 If at any time during the term of this Lease the Building becomes eligible to receive
benefits under the Industrial and Commercial Abatement Program (&#147;ICAP&#148;), Landlord may, at its sole
discretion, notify Tenant that Landlord intends to avail itself of the ICAP, and from and after the
date of such notification Tenant shall (i)&nbsp;cause its construction managers, contractors and
subcontractors employed in connection with construction work at the Building to be contractually
required by Tenant to comply with the New York City Department of Small Business Services/Division
of Labor Services (&#147;DLS&#148;) requirements applicable to construction projects benefiting from the
ICAP, (ii)&nbsp;report to Landlord the number of workers then permanently engaged in employment in the
demised premises, the nature of each worker&#146;s employment and, to the
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">extent
applicable, the New
York City residency of each worker, (iii)&nbsp;provide access to the demised premises by employees and
agents of the Department (as such term is defined in the ICAP Rules and Regulations) at all
reasonable times, and (iv)&nbsp;enforce the contractual obligations of Tenant&#146;s construction managers,
contractors and
subcontractors to comply with the DLS requirements then in effect. Notwithstanding anything to the
contrary contained herein, the parties agree that the Base Tax and Taxes for any subsequent Tax
Year shall be determined without taking into account the benefit of ICAP or any other similar
program instituted by a governmental authority for purposes of reducing Taxes for any Tax Year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">28.12 If the Building shall be condominiumized or ground leased, or if ownership of the Building
shall be separated, then Tenant&#146;s Tax Payments shall, if necessary, be equitably adjusted such that
Tenant shall thereafter continue to pay the same amount of the Taxes as Tenant would pay in the
absence of such condominiumization, separate ownership or separate treatment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 29
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPERATING EXPENSE INCREASE PAYMENTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.01. For the purposes of this Article&nbsp;29:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;The term &#147;Operating Expenses&#148; shall have the meaning set forth on Exhibit&nbsp;OE hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The term &#147;Base Operating Period&#148; shall mean the calendar year commencing January&nbsp;1, 2012;
<U>provided</U>, if the Landlord&#146;s Required Work Completion Date has not occurred on or before
October&nbsp;1, 2012, the &#147;Base Operating Period&#148; shall mean the calendar year commencing January&nbsp;1,
2013.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The term &#147;Operating Year&#148; shall mean the Base Operating Period, and each succeeding
calendar year thereafter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;The term &#147;Operating Statement&#148; shall mean a written statement prepared by Landlord or its
agent in accordance with this Lease, setting forth Landlord&#146;s computation of the sum payable by
Tenant under this Article&nbsp;29 for a specified Operating Year and certified by an independent
certified public accountant as being prepared in accordance with this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The term &#147;Tenant&#146;s Proportionate Share&#148; shall mean 25.01%, which figure is obtained by
multiplying 100 by a fraction, the numerator of which is the rentable square footage of the initial
demised premises (excluding the Storage Space) and the denominator of which is 1,076,130 rentable
square feet of the Building.
</DIV>
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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.02. For each Operating Year following the Base Operating Period, Tenant shall pay to Landlord,
as additional rent for each such Operating Year after the date of this Lease, an amount (herein
called the &#147;Operating Payment&#148;) equal to Tenant&#146;s Proportionate Share of the amount by which the
Operating Expenses for such Operating Year exceed the Operating Expenses for the applicable Base
Operating Period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.03. Landlord shall furnish to Tenant, prior to the commencement of each Operating Year following
the Base Operating Period, a written statement setting forth, in reasonable detail, Landlord&#146;s good
faith estimate of the Operating Payment for such Operating Year, based upon the method set forth in
Section&nbsp;29.02 for computing the Operating Payment. Landlord shall also provide Tenant with an
Operating Statement for the Building covering Tenant&#146;s Base Operating Period. Commencing on the
day immediately following the last day of the Base Operating Period, Tenant shall pay to Landlord
on the first day of each month during such Operating Year an amount equal to one-twelfth (1/12th)
of Landlord&#146;s estimate of the Operating Payment for such Operating Year which estimate shall not
exceed five (5%) percent of the prior year&#146;s actual Operating Payment, if available, or if not
available, then the prior year&#146;s latest estimate. If, however, Landlord shall furnish any such
estimate for an Operating Year subsequent to the commencement thereof, then (a)&nbsp;until the first day
of the month following the month in which such estimate is furnished to Tenant, Tenant shall pay to
Landlord on the first day of each month an amount equal to the monthly sum payable by Tenant to
Landlord under this Section&nbsp;29.03 in respect of the last month of the preceding Operating Year; (b)
promptly after such estimate is furnished to Tenant, Landlord shall give notice to Tenant stating
whether the installments of the Operating Payment previously made for the Operating Year were
greater or less than the installments of the Operating Payment to be made for such Operating Year
in accordance with such estimate, and (i)&nbsp;if there shall be a deficiency, Tenant shall pay the
amount thereof within thirty (30)&nbsp;days after demand therefor, which payment obligation Tenant
acknowledges shall survive the expiration or termination of this Lease for the period set forth in
Section&nbsp;29.09(b), and (ii)&nbsp;if there shall have been an overpayment, Landlord shall credit the
amount thereof against subsequent payments under this Article further provided that if such payment
to Tenant becomes due the last month of the term of this Lease, Landlord will promptly pay Tenant
in cash the amount of Tenant&#146;s overpayment to the forwarding address Tenant has provided to
Landlord in writing, which refund obligation Landlord acknowledges shall survive the expiration or
termination of this Lease; and (c)&nbsp;on the first day of the month following the month in which such
estimate is furnished to Tenant, and monthly thereafter throughout the remainder of such Operating
Year, Tenant shall pay to Landlord an amount equal to one-twelfth (1/12th) of the Operating Payment
shown on such estimate. Landlord may, not more than twice during each Operating Year, but subject
to the five (5%) percent estimate limitation set forth above, furnish to Tenant a revised statement
of Landlord&#146;s estimate of the Operating Payment for such Operating Year, based upon the method set
forth in Section&nbsp;29.02 for computing the Operating Payment; and in such case, the Operating Payment
for such Operating Year shall be adjusted and paid or refunded, as the case may be, substantially
in the same manner as provided in the preceding sentence. Notwithstanding any provision of this
Lease to the contrary, except for Section&nbsp;29.09(b), if Landlord shall not furnish Tenant an
estimate of the Operating Payment for an
</DIV>
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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Operating Year by March&nbsp;31 of such Operating Year,
Tenant&#146;s  estimated Operating Payments for such Operating Year shall be at the level of the
immediately prior year&#146;s estimate, subject to final adjustment when and as set forth in Section
29.04. Notwithstanding the provisions of this Section&nbsp;29.03, provided that Tenant is not in
monetary default or material non-monetary default under this Lease beyond applicable notice and
cure periods, Tenant shall not be obligated to make any
Operating Payment for any portion of an Operating Year that occurs during the Initial Rent
Abatement Period (i.e., the payment obligation shall be forgiven in its entirety with respect to
such period); provided that if any such default exists during the Initial Rent Abatement Period and
is thereafter cured, then so long as no other such default then exists and the Lease remains in
effect, Tenant shall be immediately entitled to the applicable unapplied portion of the abatement
after such default has been cured.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.04. Within one hundred twenty (120)&nbsp;days after the end of each Operating Year, Landlord shall
furnish to Tenant an Operating Statement for such Operating Year, based on the method set forth in
Section&nbsp;29.02 for computing the Operating Payment. If the Operating Statement shall show that the
sums paid by Tenant under Section&nbsp;29.03 exceeded the Operating Payment to be paid by Tenant for
such Operating Year, Landlord shall promptly either refund to Tenant the amount of such excess
(including, if Landlord overstated Operating Expenses by more than five percent (5%) of the actual
Operating Expenses for any Operating Year, interest on the amount overpaid by Tenant as a result
thereof at the Prime Rate from the date of such overpayment to the date the same is refunded to
Tenant), or permit Tenant to credit the amount of such excess (including interest as aforesaid, if
applicable) against subsequent payments of additional rent under this Article further provided that
if such payment to Tenant becomes due the last month of the term of this Lease, Landlord will
promptly pay Tenant in cash the amount of Tenant&#146;s overpayment (including interest as aforesaid, if
applicable) to the forwarding address Tenant has provided to Landlord in writing, and if the
Operating Statement for such Operating Year shall show that the sums so paid by Tenant were less
than the Operating Payment to be paid by Tenant for such Operating Year, Tenant shall pay the
amount of such deficiency within thirty (30)&nbsp;days after demand therefor subject to the provisions
of Section&nbsp;29.09(b). Landlord and Tenant, as the case may be, acknowledge their respective refund
and payment obligations shall survive the expiration or termination of this Lease, subject, in case
of Tenant&#146;s obligation, to Section&nbsp;29.09(b). Landlord&#146;s Operating Statement shall include at least
the categories of expenses listed in Exhibit&nbsp;OEC annexed to this Lease and made a part hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.05. Each such Operating Statement given by Landlord pursuant to Section&nbsp;29.04 shall be
conclusive and binding upon Tenant unless no later than the date that is twelve (12)&nbsp;months after
Landlord&#146;s delivery of such Operating Statement, Tenant shall notify Landlord (the &#147;Audit Notice&#148;)
that it disputes the correctness of the Operating Statement. Within thirty (30)&nbsp;days following
the receipt of Tenant&#146;s Audit Notice, Landlord shall make available (upon reasonable prior notice)
for examination and audit by Tenant (only by its internal auditors or an individual independent
certified public accountant or a firm of independent certified public accountants licensed to do
business in the State of New York, in either case that does not charge on a contingency fee basis,
and subject to the condition that any such auditor or accountant execute and
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">deliver to Landlord a
confidentiality agreement in form  and substance reasonably acceptable to Landlord), during normal
business hours, at the Building Manager&#146;s office where such records are maintained in New York
City, Landlord&#146;s books and records, including, without limitation, general ledgers, invoices,
payroll records, and third party contracts and copies of the same, (collectively, &#147;Records&#148;) with
respect to the Operating Statement for the applicable
Operating Year and Tenant shall additionally have the right, at its cost and expense, to make
copies at Landlord&#146;s office of the pertinent portions thereof only. After Landlord shall have
given Tenant access to Landlord&#146;s Records Tenant may file a written exception with Landlord to any
of the Operating Expenses (the &#147;Audit Report&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Tenant timely submits to Landlord an Audit Report and Landlord and Tenant fail to reach a
mutually satisfactory resolution thereof within sixty (60)&nbsp;days after Landlord&#146;s receipt of such
Audit Report, such matter shall be resolved by a Qualified Arbitrator selected by Landlord and
Tenant who is a certified public accountant from a large or mid-size public accounting firm, or a
mid-sized or larger recognized, independent real estate services firm with one or more certified
public accountants on staff, in either case that does not charge on a contingency fee basis, which
accountant or firm shall be familiar with the accounting practices of Comparable Buildings. If
Landlord and Tenant fail to agree upon such arbitrator within thirty (30)&nbsp;days after their failure
to resolve the matters in Tenant&#146;s Audit Report, either party may request the President of the New
York CPA Society (or a comparable entity if the New York CPA Society does not exist at any time
during the Term) to appoint such arbitrator (who shall have the qualification of a Qualified
Arbitrator) who shall also be a certified public accountant from a mid-sized or large public
accounting firm, or a mid-sized or larger recognized, independent real estate services firm with
one or more certified public accountants on staff, familiar with the accounting practices of
Comparable Buildings. Such independent arbitrator shall be appointed within thirty (30)&nbsp;days after
such request. The costs of such arbitrator shall be paid equally by Landlord and Tenant. The
determination of such arbitrator shall be made within thirty (30)&nbsp;days after such arbitrator is
selected, and shall be final, binding, and conclusive upon the parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.06 Tenant shall pay all of the costs of Tenant&#146;s accountant/auditor associated with such
examination and dispute, unless it is finally determined (or deemed to be determined) that
Operating Expenses were overstated by more than five percent (5%) thereof, in which case (in
addition to reimbursing Tenant for the amount overstated and paid by Tenant as a result thereof)
Landlord shall pay Tenant interest at the Prime Rate on the amount so overstated and paid by Tenant
as a result thereof, accruing from the date of Tenant&#146;s payment of same and ending on the date on
which Tenant is fully reimbursed such overstated amount. If it is finally determined that
Operating Expenses were overstated by more than five percent (5%) thereof, then Landlord shall (in
addition to reimbursing the amount so overbilled and paying interest on such amounts as provided
herein), Landlord shall pay the reasonable costs of Tenant&#146;s accountant/auditor provided such
accountant auditor is an individual independent certified public accountant or a firm of
independent certified public accountants licensed to do business in the State of New York, in
either case that does not charge on a contingency fee basis. If it is finally determined that
Operating Expenses were not overstated, Tenant shall pay the reasonable costs of Landlord&#146;s
accountant/auditor provided such accountant auditor is an individual independent certified public
accountant or a firm of independent certified public accountants licensed to do business in the
State of New York.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.07. If an Operating Year commences before the commencement or expiration of the Initial Rent
Abatement Period or ends after the Expiration Date, the additional rent in respect thereof payable
under this Article shall be pro-rated to correspond to that portion of the Operating Year occurring
within the term of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.08. Notwithstanding anything to the contrary contained herein, (i)&nbsp;Tenant shall be permitted to
audit Operating Expenses for the Base Operating Period and submit an Audit Report therefor only as,
if and when Tenant is so permitted with respect to Operating Expenses for the first Operating Year
immediately following the Base Operating Period, and (ii)&nbsp;the Operating Statement for the Base
Operating Period shall not be conclusive and binding upon Tenant unless and until the Operating
Statement for the first Operating Year immediately following the Base Operating Period shall be
conclusive and binding upon Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.09. (a)&nbsp;If during any Operating Year (i)&nbsp;any rentable space in the Building shall be vacant or
unoccupied and/or (ii)&nbsp;the tenant or occupant of any space in the Building undertook to perform
work or services therein in lieu of having such work or services performed by or on behalf of
Landlord (or such tenant or occupant was not entitled to receive the same) and the cost thereof
would have been included in Operating Expenses, then, in any such event(s), the Operating Expenses
for such period (including the Base Operating Period) shall be adjusted to reflect the Operating
Expenses that reasonably would have been incurred if such space had been 95% occupied or if such
work or services had been performed by or on behalf of Landlord, as the case may be. The
provisions of this Section&nbsp;29.09 with respect to adjustments of Operating Expenses for vacancy
shall apply only to Operating Expenses which are variable and which increase in the same
relationship to the increase in occupancy in the Building and shall not apply to any Operating
Expenses which do not vary with the level of occupancy in the Building. Further, for purposes of
calculating the Operating Expenses for the Base Operating Period, and any later Operating Period,
any Operating Expense that is based on the rent for the Building shall be calculated as if Tenant
paid rent during the free rent period. If, following the Base Operating Period, Landlord first
commences to provide any new category of service which is a new category of service not listed or
contemplated in the definition of Operating Expenses (i)&nbsp;the annual cost of providing such new
category of service to the Building exceeds One Hundred Thousand and 00/100 Dollars ($100,000.00),
and (ii)&nbsp;the cost of which is not included in Operating Expenses for the Base Operating Period,
then, if all of the preceding conditions are satisfied (any such service, a &#147;New Excessive
Service&#148;) and for so long as such New Excessive Service is being included in Operating Expenses for
any Operating Year, the Base Operating Amount shall be deemed to include (for purposes of
calculating the Operating Expense Payment for such Operating Year) an amount equal to the cost
incurred by Landlord in providing such New Excessive Service for the first Operating Year that the
same shall have been incurred. The $100,000.00 amount set forth in the immediately preceding
sentence shall be subject to increase on January&nbsp;1, 2013 and on each January 1 thereafter occurring
during the term of this Lease (including the renewal term) to equal the sum of (x) $100,000.00,
plus (y)&nbsp;the product obtained by multiplying (i) $100,000.00 by (ii)&nbsp;the percentage increase in the
CPI in effect as of the applicable January 1 (i.e., as to which such increase is being calculated)
over the CPI as of December&nbsp;31, 2012.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;If Landlord shall have failed to render an Operating Statement with respect to any Operating
Year for a particular item or items within twenty four (24)&nbsp;months after the end of the applicable
Operating Year (or within twelve (12)&nbsp;months following the end of the applicable Operating Year in
which the expiration or earlier termination of this Lease occurs), Landlord may not then attempt to
charge Tenant for such item or items and Tenant shall not be obligated to make any further
Operating Expense Payment with respect to such Operating Year with respect thereto, provided,
however, (i)&nbsp;Landlord shall still be obligated to deliver an Operating Statement for such Operating
Year for purposes of establishing whether there was an overstatement of Operating Expenses by
Landlord for such Operating Year; (ii)&nbsp;Landlord, within forty-five (45)&nbsp;days after delivery of such
Operating Statement, shall refund to Tenant such overstated amount, including, if Landlord
overstated Operating Expenses by more than five percent (5%) of the actual Operating Expenses for
such Operating Year, interest on the amount overpaid by Tenant as a result thereof, at the Prime
Rate from the date of Tenant&#146;s payment of same to the date the overstated amount is refunded to
Tenant; and (iii)&nbsp;any such payment shall be made without prejudice to Tenant&#146;s right to audit and
dispute the Landlord&#146;s Operating Statement pursuant to Sections&nbsp;29.05 and 29.06 above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">29.10 If the Building shall be condominiumized or ground leased, or if ownership of the Building
shall be separated, then Tenant&#146;s Operating Payments shall, if necessary, be equitably adjusted
such that Tenant shall thereafter continue to pay the same amount of the Operating Expenses as
Tenant would pay in the absence of such condominiumization, separate ownership or separate
treatment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 30
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ELECTRIC ENERGY
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.01. (a)&nbsp;The Building will be equipped with risers, feeders and wiring so as to supply electrical
service to a point within each Portion of the demised premises with a capacity of not less than
eight (8)&nbsp;watts demand load per rentable square foot (exclusive of base Building HVAC) at 460 volts
(as such amount may be reduced pursuant to Section&nbsp;30.01(b) below, the &#147;Capacity&#148;). Tenant, at its
sole cost and expense, shall have the right to redistribute electricity from any full floor located
within the demised premises to any other full floor located within the demised premises provided
that (i)&nbsp;the aggregate Capacity for the demised premises is not increased, and (ii)&nbsp;if Tenant
surrenders any Portion of the demised premises during the term of this Lease (including, without
limitation, in connection with the exercise of any Termination Option, the exercise by Landlord of
its Recapture Right, or a reduction of the demised premises in connection with Tenant&#146;s exercise of
its renewal option) and Landlord shall have theretofore installed a conduit system to distribute
electric power, then Tenant shall restore the electricity to such surrendered Portion(s) of the
demised premises to at least eight (8)&nbsp;watts demand load per rentable square foot (exclusive of
base building HVAC).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notwithstanding the provisions of Section 30(a) above, if Landlord determines that
Tenant&#146;s total power requirements for the demised premises, based on Landlord&#146;s annual review of
Tenant&#146;s maximum peak demand based on the prior twenty-four (24)&nbsp;months of submetered coincidental
demand readings commencing on any date after January&nbsp;1, 2019 and thereafter on or following the
anniversary of such date, shall be less than the then Capacity, Landlord shall have the option to
immediately reduce the Capacity to a level at which the demised premises shall be provided
sufficient electrical energy for Tenant to operate its business therein, plus an allowance for
tenant&#146;s growth as reasonably determined by Landlord with Tenant&#146;s consent based on such annual
review. Such reduced level of energy consumption shall thereafter be deemed the &#147;Capacity&#148;
hereunder. However, at no time shall the Capacity be reduced to less than 6 watts demand/rsf.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.02. (a)&nbsp;A meter system will be furnished and installed by Landlord, at Landlord&#146;s sole cost and
expense, to measure the amount of &#147;Usage&#148; in kWH and coincidental demand in kW in the demised
premises. Tenant shall be responsible, at its sole cost and expense, for the repair, maintenance
and replacement of the electric submeters, during the term of this Lease, and Landlord shall be
responsible, at its sole cost and expense (subject to recoupment as an Operating Expense), for the
repair, maintenance and replacement of the rest of the meter system. The term &#147;meter system&#148; shall
include electric submeters, the associated computerized headend, backbone cabling, the
reconfiguration of the panel boards, bus duct switches, etc. to enable installation of the meters.
&#147;Usage&#148; shall mean Tenant&#146;s actual usage of electricity in kWH in the demised premises minus any
usage by the base Building HVAC equipment that is connected to Tenant&#146;s electrical distribution
system, as measured by the aforesaid metering system for each calendar month or other such monthly
period as Landlord shall determine during the term of this Lease with respect to the demised
premises. Tenant&#146;s electricity usage will be aggregated through meters and billed to Tenant at a
rate equal to Landlord&#146;s Rate, as defined in Section&nbsp;30.02(b)<I>.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;&#147;Landlord&#146;s Rate&#148; shall mean the average cost per kWH (including all applicable taxes,
surcharges, demand charges, energy charges, fuel adjustment charges, time of day charges, and other
sums payable in respect thereof) computed by taking the total bill electricity charged by the
utility for the Building and dividing it by the total kWH consumed in the Building for the
respective billing period. The Landlord&#146;s Rate shall not include any penalties or surcharges
incurred because of late payments of the electric utility bills by the Landlord or Landlord&#146;s
representatives.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Intentionally Omitted.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;&#147;Tenant&#146;s Cost&#148; shall mean an amount equal to 103% multiplied by the product of the
Landlord&#146;s Rate and Tenant&#146;s Usage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;With respect to each Portion of the demised premises, commencing on the applicable
Possession Date (or such earlier date upon which Tenant commences the
performance of Tenant&#146;s Work), Landlord shall, on a monthly basis, furnish Tenant with an
invoice indicating the period during which the Usage was measured and the amount of Tenant&#146;s Cost
payable by Tenant to Landlord for such period. Within thirty (30)&nbsp;days after receipt of each such
invoice, Tenant shall pay the amount of Tenant&#146;s Cost set forth thereon to Landlord as additional
rent. In addition, if any tax in addition to any tax included in Landlord&#146;s Rate is imposed upon
Landlord by any municipal, state or federal agency or subdivision with respect to the purchase,
sale or resale of electrical energy supplied to Tenant hereunder (but not any tax based on income
or profits), Tenant covenants and agrees that, where permitted by law, such taxes shall be passed
on to Tenant and included in the bill to Tenant and paid by Tenant to Landlord as additional rent.
Landlord shall then pay such taxes to the appropriate taxing authority. If any Possession Date
shall occur prior to the installation of meters in the applicable portion of the demised premises,
then Tenant shall pay $1.25 during the period of Tenant&#146;s construction of the initial Tenant
Alterations in such portion of the demised premises ($3.00 thereafter) per rentable square foot of
space in such portion of demised premises per annum, billed monthly (the &#147;Interim Electric
Charge&#148;), on account of Tenant&#146;s use of electricity in such portion of the demised premises for the
period commencing on the applicable Possession Date and ending on the date that the meters
measuring Tenant&#146;s consumption of electricity in such portion of the demised premises are installed
and are operational. The Interim Electric Charge shall be paid by Tenant monthly within thirty
(30)&nbsp;days after submission of a bill therefor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.03 Except as otherwise expressly set forth in this Lease, Landlord shall not in any way be
liable or responsible to Tenant for any loss or damage or expense which Tenant may sustain or incur
if either the quantity or character of electric service is changed or is no longer available or
suitable for Tenant&#146;s requirements except if caused by Landlord&#146;s negligent act or willful
misconduct further provided that in no event shall Landlord have any liability for any
consequential damages, compensation or claims for inconvenience, annoyance or for loss of business,
rents or profits as a result of Landlord&#146;s negligence or willful acts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.04. Tenant covenants and agrees that at all times its use of electric current shall never exceed
the capacity of the then existing feeders to the Building or the risers or wiring installation as
determined via the totalizing demand sub-meter and, accordingly, subsequent to the installation of
the initial Tenant Alterations and except for standard and customary office equipment, such as,
without limitation, copiers, computers, and facsimile machines, in no event shall Tenant use or
install any fixtures, equipment or machines the use of which, in conjunction with any other
fixtures, equipment, and machines in the demised premises, will result in an overload of the
electrical circuits of the demised premises, without Landlord&#146;s prior approval, which approval
shall not be unreasonably withheld.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.05 (a) &#147;<U>Emergency Power System</U>&#148; means the emergency power generators in the Building
which provide backup emergency power to the major Building systems, the bus ducts and the UPS Space
(if Tenant elects to lease same pursuant to <U>Section&nbsp;30.06</U> below). Tenant shall be entitled
to backup emergency power from the
Emergency Power System in an amount equivalent to Tenant&#146;s peak demand during the prior calendar
year as measured by Landlord at Tenant&#146;s sole cost via Landlord&#146;s sub-metering system. Tenant
shall designate the meters serving the demised premises through which Tenant desires to obtain EPS
power. Landlord shall monitor the peak demand from those meters only to determine EPS demand;
provided, in no event shall Tenant be provided in excess of 700 KW. Notwithstanding the foregoing,
Tenant shall be entitled at any time on or before January&nbsp;1, 2017 to request by written notice (the
&#147;Additional EPS Power Notice&#148;) to Landlord additional backup emergency power from the Emergency
Power System in an amount not to exceed an additional 300 KW (i.e., such that Tenant shall be
provided up to 1,000 KW in the aggregate). Tenant&#146;s failure to timely deliver the Additional EPS
Power Notice shall constitute Tenant&#146;s irrevocable waiver of its right to receive such additional
emergency power, except as otherwise agreed by Landlord in Landlord&#146;s sole discretion. Landlord
shall, at Tenant&#146;s sole cost and expense, with reasonable diligence following Landlord&#146;s receipt of
the Additional EPS Power Notice, make such additional emergency power available to the demised
premises. Landlord&#146;s sub-meter system shall be used to measure the amount of backup emergency
power in KW used in the demised premises as noted above. Tenant shall be responsible, at its sole
cost and expense, for the maintenance and repair of such meter system during the term of this
Lease. Commencing upon the earlier to occur of (i)&nbsp;the date that Tenant has connected the demised
premises or any Portion thereof to the Emergency Power System and (ii)&nbsp;the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>)
anniversary of the first Possession Date to occur, Tenant shall pay to Landlord as additional rent
an amount equal to $275 per KW. Regardless of Tenant&#146;s EPS power demand, Tenant will be charged at
a minimum EPS demand of 300 KW, or such lesser amount of KW to which Tenant&#146;s EPS power demand is
reduced at Tenant&#146;s election for the then remainder of the term of this Lease (which election shall
be made by written notice to Landlord and may be made by Tenant only once during the term of this
Lease). The $275 per KW rate set forth in the immediately preceding sentence shall be subject to
increase on January&nbsp;1, 2013 and on each January 1 thereafter occurring during the term of this
Lease (including the renewal term) to equal the sum of (x) $275, plus (y)&nbsp;the product obtained by
multiplying (i) $275 by (ii)&nbsp;the percentage increase in the CPI in effect as of the applicable
January 1 (i.e., as to which such increase is being calculated) over the CPI as of December&nbsp;31,
2012. All taps, switches and other equipment for the distribution of emergency power in the
demised premises shall be provided and installed by Landlord, and Tenant shall pay the cost thereof
at Landlord&#146;s then Building standard rate. All amounts required to be paid by Tenant under this
Section&nbsp;30.05(a) shall be paid to Landlord within thirty (30)&nbsp;days after the rendition of a bill
therefor.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Landlord does not represent or warrant that the Emergency Power System is merchantable or fit
for any particular purpose or that the same will operate as contemplated or that the Emergency
Power System shall have the capacity required by Tenant; and, except as otherwise expressly
provided herein, Landlord shall not be liable to Tenant for damages or otherwise for any
interruption, impairment or termination of the Emergency Power System. Except as otherwise
expressly provided herein, Tenant shall not be released or excused from the performance of any of
its obligations under
the Lease for any such interruption, impairment or termination, but Landlord shall use its
reasonable efforts to restore same promptly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;So long as the demised premises or any portion thereof is connected to the Emergency Power
System, Landlord shall routinely test and maintain the Emergency Power System in a manner
consistent with customary industry practice and NFPA requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">30.06 (a)&nbsp;Tenant shall have the option, exercisable by irrevocable written notice (the &#147;UPS Space
Notice&#148;) to Landlord at any time on or before January&nbsp;1, 2012, time being of the essence (the
&#147;Outside UPS Space Date&#148;), to include in the demised premises a portion of the 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>
floor of the Building as shown cross-hatched on Exhibit&nbsp;UPS attached hereto (the &#147;UPS Space&#148;),
which UPS Space measures approximately 2,592 usable square feet (which usable square footage shall
be conclusive and binding upon Landlord and Tenant, and shall not be subject to remeasurement).
Tenant&#146;s failure to timely deliver the UPS Space Notice shall constitute Tenant&#146;s irrevocable
waiver of its right to lease the UPS Space. If Tenant shall elect to lease the UPS Space, (i)
Tenant shall pay as basic annual rent therefor the amounts set forth on Schedule&nbsp;I attached hereto,
(ii)&nbsp;if Tenant specifies in the UPS Notice that Tenant elects to use the existing UPS System
located in the UPS Space (the &#147;Existing UPS System&#148;), then Landlord shall provide Tenant with (x)
the use of one (1)&nbsp;existing utility power riser and one (1)&nbsp;existing Emergency Power System power
riser to the UPS Space (subject to Landlord&#146;s right to substitute for such riser a different riser
from time to time in Landlord&#146;s sole discretion and at Landlord&#146;s cost), and (y)&nbsp;all existing
risers from the Existing UPS System to the demised premises as more particularly described on
Exhibit&nbsp;MSC, and (iii)&nbsp;Landlord shall deliver to Tenant the UPS Space and the Existing UPS System
(if Tenant specifies in the UPS Notice that Tenant elects to use the Existing UPS System) in their
then respective &#147;as-is&#148; condition on or before the date upon which Landlord shall deliver to Tenant
the Storage Space; provided, that failure by Landlord to deliver the UPS Space to Tenant on or
before any date specified herein shall not subject Landlord to any liability or impair any of
Tenant&#146;s obligations hereunder. In connection with Tenant&#146;s work to prepare the UPS Space and/or
the Existing UPS System for Tenant&#146;s use and occupancy, Landlord shall provide access and use of
the existing UPS feeders that terminate on the 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> and 7<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floors of the
Building. At Tenant&#146;s request and at Tenant&#146;s sole cost and expense, Landlord shall extend said
feeders down to the 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> floor of the Building and disconnect the floors of the Building
on which no portion of the demised premises exists from the Existing UPS System, provided that
Tenant shall have delivered to Landlord plans and specifications reasonably satisfactory to
Landlord for such work. Furthermore, regarding any items of equipment within the demised premises
that are energized via the 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor UPS, Tenant shall have the right to disconnect the
feeders from the 8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor UPS to that equipment at a location within the demised
premises reasonably approved by Landlord. Except as expressly set forth in this Section&nbsp;30.06,
Landlord shall not be obligated to perform any work or provide any services to prepare the UPS
Space or the Existing UPS System for Tenant&#146;s use or occupancy. The provisions of this Section
30.06(a) are intended to constitute &#147;an express provision to the contrary&#148; within the meaning of
Section&nbsp;223-a of the New York Real Property Law.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Landlord does not represent or warrant that the Existing UPS System is merchantable or fit for
any particular purpose or that the same will operate as contemplated or that the Existing UPS
System shall have the capacity required by Tenant; and Landlord shall not be liable to Tenant for
damages or otherwise for any interruption, impairment or termination of the Existing UPS System.
Tenant shall not be released or excused from the performance of any of its obligations under the
Lease for any such interruption, impairment or termination.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;If at any time during the period commencing on the date of this Agreement and ending on the
earlier to occur of (i)&nbsp;the Outside UPS Space Date, and (ii)&nbsp;Landlord&#146;s receipt of the UPS Space
Notice, Landlord shall receive a bona fide offer from a third party to lease the UPS Space
(irrespective of the terms of such offer), then Landlord shall notify Tenant in writing of the
existence of such offer and Tenant shall have five (5)&nbsp;business days following Tenant&#146;s receipt of
such written notice to deliver the UPS Space Notice, time being of the essence. If Tenant shall
deliver the UPS Space Notice within such five (5)&nbsp;business day period, Tenant shall lease the UPS
Space upon the terms and conditions set forth in this <U>Section&nbsp;30.06</U>. If Tenant shall fail
to deliver the UPS Space Notice within such five (5)&nbsp;business day period, Tenant shall be deemed to
have irrevocably waived of its right to lease the UPS Space, and Landlord may thereafter lease the
UPS Space to any party upon any terms.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 31
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">COMMENCEMENT OF THE TERM/LANDLORD&#146;S WORK
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">31.01. (a)&nbsp;As used herein, &#147;Possession Date&#148; means, as to any portion of the demised premises, the
date on which the earlier of the following shall occur: (i)&nbsp;Landlord shall have substantially
completed each of the items identified on Exhibit&nbsp;LW-1 as a &#147;Required Work Item&#148; (collectively,
&#147;Landlord&#146;s Required Work&#148;) and delivered vacant, broom-clean possession of such portion of the
demised premises to Tenant in its as-is condition existing as of the date hereof or (ii)&nbsp;Tenant
shall have taken possession of such portion of the demised premises for the performance of
Tenant&#146;s Work or for any other reason. Landlord&#146;s Required Work shall be deemed to have been
substantially completed on the date (&#147;Landlord&#146;s Required Work Completion Date&#148;) upon which
Landlord&#146;s Required Work has been completed, other than (w)&nbsp;minor details or adjustments, (x)&nbsp;items
which, in accordance with good construction practice, should be performed after completion of
Tenant&#146;s Work (the matters described in the foregoing clauses (w)&nbsp;and (x)&nbsp;are collectively, the
&#147;Punch List Items&#148;), (y)&nbsp;any part of Landlord&#146;s Required Work that is not completed due to Tenant
Delay, and (z)&nbsp;any part of Landlord&#146;s Required Work that is not completed due to delays of up to 90
days in the aggregate caused by Force Majeure
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Events; provided, that in each case Landlord shall
nevertheless remain obligated to complete Landlord&#146;s Work; provided, further, that the Possession
Date with respect to any Initial Space shall mean the earlier to occur of (I)&nbsp;the date on which
Landlord shall deliver such Initial Space to Tenant in the Initial Space Delivery Condition
(as hereinafter defined) or (II)&nbsp;the date on which Tenant shall have taken possession of such
Initial Space for the performance of Tenant&#146;s Work or for any other reason. In addition to
performing Landlord&#146;s Work, Landlord shall, at no cost or liability to Landlord, reasonably
cooperate with Tenant in connection with Tenant&#146;s efforts to procure building permits from the
applicable governmental authorities for its Work in the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;(i)&nbsp;The &#147;First Delivery Penalty Date&#148; means, as applicable, either (x)&nbsp;March&nbsp;1, 2012 or
(y)&nbsp;if Tenant shall exercise the Delayed Possession Option in accordance with the provisions of
Section&nbsp;31.01(e) below, June&nbsp;1, 2012.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(ii)&nbsp;The &#147;Second Delivery Penalty Date&#148; means, as applicable, either (x)&nbsp;May&nbsp;1, 2012 or (y)&nbsp;if
Tenant shall exercise the Delayed Possession Option in accordance with the provisions of Section
31.01(e) below, August&nbsp;1, 2012.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iii)&nbsp;The &#147;Delivery Termination Date&#148; means, as applicable, either (x)&nbsp;January&nbsp;1, 2013 or (y)
if Tenant shall exercise the Delayed Possession Option in accordance with the provisions of Section
31.01(e) below, April&nbsp;1, 2013.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iv)&nbsp;If Landlord&#146;s Required Work Completion Date shall not occur on or before the First
Delivery Penalty Date, then the date on which Tenant shall become obligated to pay rent hereunder
with respect to the demised premises shall be extended by one (1)&nbsp;day for each day occurring
between the First Delivery Penalty Date and (but not including) the earlier to occur of (x)
Landlord&#146;s Required Work Completion Date and (y)&nbsp;the Second Delivery Penalty Date. If Landlord&#146;s
Required Work Completion Date shall not occur on or before the Second Delivery Penalty Date, then
the date on which Tenant shall become obligated hereunder to pay rent with respect to the demised
premises shall be extended by two (2)&nbsp;days for each day occurring between the Second Delivery
Penalty Date and (but not including) Landlord&#146;s Required Work Completion Date. If Landlord&#146;s
Required Work Completion Date shall not occur on or before the Delivery Termination Date, then
Tenant shall have the option to terminate this Lease in its entirety upon written notice to
Landlord given on or before the date that is thirty (30)&nbsp;days following the Delivery Termination
Date, time being of the essence. If Tenant timely elects to terminate this Lease as aforesaid,
Landlord shall reimburse Tenant for the reasonable out-of-pocket costs incurred by Tenant in
connection with Tenant&#146;s space-planning and build-out of the demised premises (including Tenant&#146;s
reasonable out-of-pocket architectural, engineering and other reasonable costs paid to Tenant&#146;s
Contractors) and negotiation of this Lease (including Tenant&#146;s reasonable out-of-pocket attorneys&#146;
fees); provided, that in no event shall Landlord be obligated to pay Tenant in excess of $300,000
in connection with the foregoing.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Landlord shall endeavor to give Tenant at least thirty (30)&nbsp;days prior written notice of
the date on which Landlord anticipates that Landlord&#146;s Required Work will be substantially
completed. When Landlord considers Landlord&#146;s Required Work Completion Date to have occurred,
Landlord shall notify Tenant and within two (2)&nbsp;business days thereafter, Landlord or its designee
and Tenant or its designee shall
conduct a walk-through of the demised premises to identify any Punch List Items that require
completion. In the event Tenant disputes Landlord&#146;s determination that Landlord&#146;s Required Work
Completion Date has occurred, Tenant shall deliver a written notice to Landlord of such dispute
within the earlier to occur of (i)&nbsp;five (5)&nbsp;business days following Landlord&#146;s notice to Tenant of
the occurrence of Landlord&#146;s Required Work Completion Date and (ii)&nbsp;two (2)&nbsp;business days following
the aforesaid walk-through, such earlier date being time of the essence. In the event the parties
cannot resolve their dispute within seven (7)&nbsp;days following Tenant&#146;s dispute notice to Landlord,
the matter shall be resolved in accordance with Article&nbsp;49 of this Lease. In the event of a
dispute, the actual date of Landlord&#146;s Required Work Completion Date shall be the date mutually
agreed to between Landlord and Tenant or the date determined by the arbitrator, as the case may be.
To the extent that following the Landlord&#146;s Required Work Completion Date, any Punch List Items
with respect to the Landlord&#146;s Required Work shall not have been completed by Landlord, Landlord
shall have access to the applicable Portion of the demised premises at all reasonable times
approved by Tenant for the performance of such Punch List Items, and Tenant will use commercially
reasonable efforts to minimize any interference with the performance of such Punch List Items. If,
at any time, the Landlord&#146;s performance of Punch List Items shall cause unreasonable disharmony or
interference with Tenant&#146;s performance of the Tenant&#146;s Work, Tenant shall have the right to
designate alternate dates for Landlord&#146;s performance of the Punch List Items. In the event
Landlord fails to complete any Punch List Items within ninety (90)&nbsp;days following the substantial
completion of Landlord&#146;s Required Work (as such period may be extended due to Tenant Delays, the
occurrence of Force Majeure Events (not to exceed ninety (90)&nbsp;days in the aggregate) and such time
as reasonably necessary to obtain long-lead materials), and such failure continues for an
additional period of five (5)&nbsp;Business Days after written notice thereof from Tenant to Landlord,
Tenant shall have the option, but not the obligation, to perform such work for the account of
Landlord and Landlord shall reimburse Tenant for Tenant&#146;s actual reasonable out-of-pocket costs in
connection with such work. In the event Landlord fails to reimburse Tenant within thirty (30)&nbsp;days
following receipt of written request for payment from Tenant, Landlord shall, in addition to
reimbursing Tenant for such costs, pay interest on such costs at the Prime Rate from the date
Tenant incurred such costs until the date of payment by Landlord to Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;(i)&nbsp;The &#147;Initial Space&#148; means, collectively, floors 23, 25 and 26 of the demised premises
(the &#147;Initial Tower Space&#148;), the UPS Space, the Storage Space and a portion of the third
(3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>) floor substantially as shown in the exhibit attached hereto as Exhibit&nbsp;TF (the
&#147;Initial Third Floor Space&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(ii)&nbsp;The &#147;Initial Space Permitted Possession Date&#148; means, as applicable, (x)&nbsp;September&nbsp;1, 2011
with respect to the Initial Tower Space, and (y)&nbsp;promptly following the date of this Agreement with
respect to the UPS Space, the Storage Space and the Initial Third Floor Space.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iii)&nbsp;The &#147;Remaining Space Permitted Possession Date&#148; means, as applicable, either (x)&nbsp;January
1, 2012 or (y)&nbsp;June&nbsp;1, 2012, if Tenant shall exercise the Delayed Possession Option in accordance
with the provisions of Section&nbsp;31.01(e) below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iv)&nbsp;The parties understand and agree that Tenant shall be permitted to take possession of the
Initial Space from and after the applicable Initial Space Permitted Possession Date,
notwithstanding the fact that Landlord&#146;s Required Work shall not have been substantially completed
with respect thereto. Landlord shall not be obligated to perform any work or, except as expressly
provided herein, provide any services to prepare the Initial Space for Tenant&#146;s occupancy prior to
the Remaining Space Permitted Possession Date, and Landlord&#146;s only obligation with respect thereto
shall be to deliver the Initial Space vacant and broom-clean (the &#147;Initial Space Delivery
Condition&#148;). Tenant shall be permitted to take possession of the remaining Portion of the demised
premises not included in the Initial Space from and after, and no earlier than, the Remaining Space
Permitted Possession Date. If Tenant takes possession of any portion of the demised premises
(except the Initial Space) for any reason prior to the applicable Remaining Space Permitted
Possession Date (except for use as a Temporary Storage Area strictly in accordance with the
provisions of Section&nbsp;32.01 below), then notwithstanding the provisions of Section&nbsp;1.02 of this
Lease, Tenant shall be obligated to pay basic annual rent and all other recurring and non-recurring
items of rent under this Lease without abatement thereof with respect to any portion of the demised
premises (except the Initial Space) of which Tenant takes occupancy for any reason prior to the
applicable Remaining Space Permitted Possession Date, for the period commencing on the date that
Tenant takes possession of any such portion of the demised premises to but excluding the applicable
Remaining Space Permitted Possession Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Notwithstanding anything to the contrary contained in this Section&nbsp;31.01, if (i)&nbsp;any Riser
Delivery Obligation (as defined in Exhibit&nbsp;MSC) is not satisfied on or before the corresponding
dates applicable thereto as set forth on Exhibit&nbsp;MSC (subject to extensions of such date due to
Tenant Delays), (ii)&nbsp;the Stairwell Work is not substantially completed on or before December&nbsp;7,
2011 (subject to extensions of such date due to Tenant Delays), Tenant shall have filed separate
applications with the DOB for work within the internal stairwell and the rest of the demised
premises to the extent Tenant files any application with the DOB for work within the internal
stairwell and, in lieu of substantially completing the Stairwell Work on or before December&nbsp;7, 2011
(as such date may be extended as aforesaid), Landlord shall have failed to reasonably block access
(such as, by way of example, installing padlocks) to the internal stairwell on all floors of the
Building on which any portion of the Initial Space exists, or (iii)&nbsp;due to the existence of any
open application filed with the DOB (except any open application filed with the DOB in connection
with Work performed by or on behalf of Tenant) (x)&nbsp;Tenant is not able to (A)&nbsp;legally take
possession any above-grade portion of the Initial Space after September&nbsp;1, 2011 (subject to
extensions of such date due to Tenant Delays) for the uses permitted both under this Lease and by
applicable Legal Requirements (it being acknowledged and agreed that the failure by Tenant to
obtain a
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
permit for any other manner of use (e.g., public assembly use on the 22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor
of the

Building) shall not entitle Tenant to exercise the Delayed Possession Option (as defined
below) or any other remedies hereunder), or (B)&nbsp;obtain a building permit prior to September&nbsp;1, 2011
(subject to extensions of such date due to Tenant Delays), or (y)&nbsp;the DOB shall issue a work
stoppage order following Tenant&#146;s commencement of its initial Tenant&#146;s Alterations in the Initial
Space any time prior to January&nbsp;1, 2012, and Tenant reasonably determines that the occurrence of
any circumstance described in the foregoing clauses (i), (ii)&nbsp;or (iii)&nbsp;shall be the sole reason
Tenant will actually be prevented from taking occupancy for the conduct of its business in the
25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor of the Building on or before December&nbsp;8, 2011, the 23<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> floor of
the Building on or before January&nbsp;6, 2012 and/or the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor of the Building on or
before March&nbsp;2, 2012 (subject to extensions of such date due to Tenant Delays), then as Tenant&#146;s
sole and exclusive remedy for the occurrence of any circumstance described in clauses (i), (ii)
and/or (iii)&nbsp;above, Tenant may elect by written notice (the &#147;Work Failure Notice&#148;) to Landlord
within five (5)&nbsp;business days after such circumstance arises, time being of the essence, to either
(aa)&nbsp;postpone the Remaining Premises Permitted Possession Date to June&nbsp;1, 2012 for all purposes
under this Lease (the &#147;Delayed Possession Option&#148;), or (bb)&nbsp;with respect to only the circumstances
described in clauses (i)&nbsp;and (ii), remedy the failure giving rise to such circumstance(s) at
Landlord&#146;s cost of Tenant&#146;s actual and reasonable out-of-pocket expenses therefor (which remedy
shall consist of (xx)&nbsp;in the case of any circumstance described in clause (i)&nbsp;above, performing the
applicable Riser Delivery Obligations that Tenant claims Landlord failed to perform, and (yy)&nbsp;in
the case of any circumstance described in clause (ii)&nbsp;above, only installing padlocks to the
internal stairwell on all floors of the Building on which any portion of the Initial Space exists
(it being acknowledged and agreed that Tenant shall not be permitted to perform any Stairwell Work
or exercise any other remedy with respect thereto)); provided, that (AA)&nbsp;if the occurrence of any
circumstance described in clauses (i)&nbsp;or (ii)&nbsp;above shall have given rise to Tenant&#146;s exercise of
the Delayed Possession Option, Landlord shall be entitled to submit to arbitration in accordance
with Article&nbsp;49 below the question of whether such circumstance(s) actually occurred (in which
case, if it is finally determined in such arbitration proceeding that such circumstance(s) in fact
did not occur, then Tenant&#146;s exercise of the Delayed Possession Option shall not be effective and
shall be deemed <I>void ab initio</I>), and (BB)&nbsp;if any circumstance(s) described in clause (iii)&nbsp;above
shall have given rise to Tenant&#146;s exercise of the Delayed Possession Option, then Tenant&#146;s exercise
of the Delayed Possession Option shall not be effective and shall be deemed <I>void ab initio </I>if
Landlord shall have remedied the failure(s) giving rise to the occurrence of such circumstance(s)
within seven (7)&nbsp;Business Days following receipt of the Work Failure Notice. No Work Failure
Notice or exercise of any remedy pursuant thereto shall be effective unless it shall specify the
circumstance(s) described in clauses (i), (ii)&nbsp;and/or (iii)&nbsp;above giving rise to the delivery of
same. Tenant&#146;s failure to timely deliver the Work Failure Notice as provided above shall
constitute Tenant&#146;s irrevocable waiver of its right to exercise the Delayed Possession Option or
exercise its remedy described in clause (bb)&nbsp;above. For the avoidance of doubt, Tenant shall not
be permitted to exercise the Delayed Possession Option more than once, irrespective of whether more
than one of the circumstances described in the foregoing clauses (i), (ii)&nbsp;or (iii)&nbsp;shall have
occurred. Notwithstanding Tenant&#146;s timely exercise the Delayed Possession Option, and subject to
the proviso contained in clause (III)&nbsp;of the  immediately
following sentence, Tenant shall be</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
permitted to continue to occupy any
portion of the demised premises of which Tenant has already taken occupancy in accordance with the
provisions of this Agreement and commenced the performance of its initial Tenant Alterations. If
Tenant shall timely exercise the Delayed Possession Option, (I)&nbsp;the First Delivery Penalty Date,
the Second Delivery Penalty Date, the Delivery Termination Date and the Remaining Premises
Permitted Possession Date shall be the respective dates specified in clause (y)&nbsp;of each such term,
(II)&nbsp;the Expiration Date under this Lease shall be July&nbsp;31, 2028 (as such date may be extended
pursuant to Section&nbsp;38 below), and (III)&nbsp;the last day of the Initial Rent Abatement Period shall be
July&nbsp;31, 2013; provided, that with respect to (1)&nbsp;any floor (or partial floor in the case of the
UPS Space, the portion of the third floor of the Building that constitutes Initial Space and the
Storage Space) of the Initial Space occupied in whole or in part by Tenant for any reason at any
time from and after the Initial Space Permitted Possession Date, and (2)&nbsp;any other floor of the
demised premises not included in the Initial Space occupied in whole or in part by Tenant for any
reason at any time from and after January&nbsp;1, 2012 (in either case of clause (1)&nbsp;or clause (2),
irrespective of whether such occupancy occurs before or after Tenant&#146;s exercise of the Delayed
Possession Option), the last day of the Initial Rent Abatement Period as so postponed (i.e., July
31, 2013) shall be accelerated only with respect to such occupied floor or partial floor (i.e.,
Tenant&#146;s rent abatement as to such occupied floor or partial floor shall be reduced) by one (1)&nbsp;day
for each such day of Tenant&#146;s occupancy thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;As soon as practicable after the date of this Agreement, Landlord shall commence and with
reasonable diligence perform the Lobby Work in accordance with good construction practice,
including, without limitation, the items identified on Exhibit&nbsp;LW-2 as &#147;Required Lobby Items&#148; (the
&#147;Required Lobby Work&#148;). The Required Lobby Work shall be deemed to have been substantially
completed on the date (the &#147;Required Lobby Work Completion Date&#148;) upon which the Required Lobby
Work has been completed, other than (w)&nbsp;Punch List Items, (x)&nbsp;any part of such Required Lobby Work
that is not completed due to Tenant Delay, (y)&nbsp;any part of the Required Lobby Work that Landlord
elects not to perform pursuant to the last sentence of this Section&nbsp;31.01(f), and (z)&nbsp;any part of
such Required Lobby Work that is not completed due to delays of up to 90&nbsp;days in the aggregate
caused by Force Majeure Events; provided, that in each case Landlord shall nevertheless remain
obligated to complete the Lobby Work. If the Required Lobby Work Completion Date shall not occur
on or before December&nbsp;1, 2012, then Tenant shall thereafter be entitled to an abatement of basic
annual rent as it becomes due and payable until such time as the Lobby Work Completion Date occurs.
Notwithstanding anything to the contrary contained herein, if Landlord encounters any structural
issues with the performance of any portion of the Required Lobby Work, then, so long as Landlord
shall proceed nonetheless to perform all other Required Lobby Work, Landlord may, in its sole
discretion, either (i)&nbsp;elect not to perform such portions of the Required Lobby Work if the cost of
performing same would be materially increased in light of such structural issues encountered by
Landlord, or (ii)&nbsp;modify such portions of the Required Lobby Work to address such structural
issues.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;Except as expressly set forth in this Section&nbsp;31.01 (and, specifically with respect to the
closing out of open applications filed with the DOB, Section&nbsp;31.01(e)
above), and notwithstanding anything to the contrary contained in this Lease (including, without
limitation, Section&nbsp;31.05 below), Landlord shall not be subject to any liability for failure to
substantially complete Landlord&#146;s Work or the Lobby Work (including, without limitation, Landlord&#146;s
Required Work or the Required Lobby Work), deliver possession of any Portion of the demised
premises, complete the Punch List Items or close-out open applications filed with the DOB on or
before any date specified herein, and the validity of this Lease shall not be impaired under such
circumstances. Promptly after the occurrence of any Possession Date, Landlord&#146;s Required Work
Completion Date and the Required Lobby Work Completion Date (if not the same dates), Landlord and
Tenant shall confirm the occurrence thereof by executing an instrument reasonably satisfactory to
Landlord and Tenant; <U>provided</U>, that failure by Landlord or Tenant to execute such
instrument shall not affect the occurrence of such Possession Date, Landlord&#146;s Required Work
Completion Date or the Required Lobby Work Completion Date. If Tenant occupies the Initial Space or
any other portion of the Building (if permission is given to Tenant to enter into the possession of
same) prior to the Possession Date thereto, Tenant covenants and agrees that such occupancy shall
be deemed to be under all the terms, covenants, conditions and provisions of this Lease, except as
to the covenant to pay rent. The provisions of this Section&nbsp;31.01 are intended to constitute &#147;an
express provision to the contrary&#148; within the meaning of Section&nbsp;223-a of the New York Real
Property Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">31.02. To the extent that Landlord is actually delayed in the performance of Landlord&#146;s Required
Work or the Required Lobby Work as the result of a Tenant Delay, Landlord&#146;s Required Work
Completion Date or the Required Lobby Work Completion Date (as the case may be) shall be the date
that Landlord would have completed the Landlord&#146;s Required Work or the Required Lobby Work (as the
case may be) but for such Tenant Delay. Landlord shall provide Tenant notice of any matter that
may constitute a Tenant Delay in the event Landlord shall become aware of same, provided that
Landlord&#146;s failure to deliver any such notice shall not affect the occurrence or number of days of
such Tenant Delay. &#147;Tenant Delay&#148; means any actual delay which Landlord encounters in the
performance of Landlord&#146;s obligations under this Lease by reason of the existence of Tenant, its
agents or contractors in the Initial Space (or any other portion of the demised premises) on or
before the Remaining Premises Permitted Possession Date or in any Temporary Storage Area at any
time, and/or any act or omission of any nature of Tenant, its agents or contractors and, including,
without limitation, delays due to changes in or additions to Landlord&#146;s Required Work requested by
Tenant, delays by Tenant in submission of information or giving authorizations or approvals, delays
due to the postponement of any Landlord&#146;s Required Work at the request of Tenant or delays caused
by Tenant&#146;s performance of Tenant&#146;s Work during Landlord&#146;s performance of Landlord&#146;s Required Work
or the Required Lobby Work. Tenant shall pay to Landlord any costs or expenses incurred by
Landlord by reason of any Tenant Delay, including, without limitation, all incremental costs and
expenses relating to the performance of Landlord&#146;s Work and the Lobby Work.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">31.03 &#147;Landlord&#146;s Work&#148; is as defined on Exhibit&nbsp;LW-1 attached hereto. The &#147;Lobby Work&#148; is as
defined on Exhibit&nbsp;LW-2 attached hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord is performing Landlord&#146;s Work and/or Lobby Work at the same as Tenant is performing
Tenant Work, Landlord and Tenant agree to work in harmony so that neither adversely interferes with
the other, which shall include the coordination of scheduling of such work; provided, that when the
scheduling of any Landlord&#146;s Work and/or Lobby Work and any Tenant Work conflict, Landlord&#146;s Work
and/or Lobby Work (as the case may be) shall have scheduling priority.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tenant will, other than for Landlord&#146;s Work, be responsible for all construction, alterations or
installations necessary to make the demised premises ready for its use. Landlord shall promptly
deliver to Tenant all available base Building documentation and details reasonably requested by
Tenant, including but not limited to, drawings and specifications for the demised premises, base
Building riser diagrams, support areas, mechanical equipment rooms, all in order to enable Tenant
to design Tenant&#146;s Work. Any duplication costs in connection with the delivery of such documents to
Tenant shall be borne by Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Upon substantial completion of Landlord&#146;s Required Work or, if earlier requested by Tenant and
Tenant shall have delivered to Landlord all required documentation in order for Landlord to comply
with such request, Landlord, at its sole cost and expense, shall provide Tenant with an four (4)
original ACP-5 Certifications (or equivalent if no longer issued) of a licensed asbestos
investigator indicating that the demised premises are not an asbestos project and with box &#147;a.&#148; of
paragraph 11 of such form checked. Further, in the event it is determined that such ACP-5
Certification (or equivalent) is inaccurate, Landlord, also at its sole cost and expense, will
correct the reason for such inaccuracy and remove the asbestos containing materials (collectively,
&#147;ACM&#148;), as need be (including re-fireproofing areas where ACM was removed), in order for an
accurate ACP-5 Certification (or equivalent) to be issued that complies with the requirements
above. In addition, in the event Tenant encounters any ACM, lead or mold in any portion of the
demised premises in the course of Tenant&#146;s Work to prepare the demised premises for its initial
occupancy, that were not introduced by or attributable to Tenant or any of its Contractors,
invitees, permitted occupants, licensees, agents and/or employees, Landlord, again at its sole cost
and expense, will remediate or encapsulate such ACM, lead or mold (as the case may be) in
accordance with Legal Requirements and promptly thereafter, restore the portion of the demised
premises in question to its condition immediately prior to such removal. Tenant shall use
reasonable efforts in its performance of Tenant Alterations to avoid disturbance of any hazardous
materials existing outside of the demised premises.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">31.04 Except for Landlord&#146;s Required Work and Landlord&#146;s obligation to pay the Work Allowance as
provided herein, but subject to the terms of Section&nbsp;31.01, Tenant shall accept the demised
premises with the furniture, fixtures and equipment existing in the demised premises as of the date
of this Agreement (the &#147;Existing FF&#038;E&#148;) and otherwise in its as-is condition existing as of the
applicable Possession Date (subject to Landlord&#146;s obligation to perform its maintenance and repair
obligations under this Lease and Landlord&#146;s obligation to repair latent defects in Landlord&#146;s
Required Work (i.e., defects in
Landlord&#146;s Required Work that were not discoverable on a walk-through and inspection of the
applicable portion of the demised premises on such Possession Date) which are discovered by Tenant
and disclosed in writing to Landlord within one (1)&nbsp;year after such Possession Date), and Landlord
shall not be required to perform any work, pay any contribution or render any services to make the
Building or the demised premises ready for Tenant&#146;s use or occupancy. Landlord and Tenant agree
that no portion of the basic rent is allocable to Tenant&#146;s use or purchase of the Existing FF&#038;E.
Should it be determined that any amount of sales tax is due as a result of Tenant&#146;s use, or the
transfer to Tenant, of the Existing FF&#038;E, Tenant shall be responsible for the payment thereof and
shall indemnify and hold Landlord harmless from all liability, loss or payment thereof. Landlord
represents that Landlord has the right and authority to transfer the Existing FF&#038;E to Tenant free
of claims and liens of any third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">31.05 If, after the date of this Lease and either (i)&nbsp;solely as a result of a notice of violation
against the Building which is not caused by either Tenant or any other tenant in the Building,
Tenant is unable with due diligence to procure a building permit for Tenant&#146;s Work or (ii)&nbsp;solely
as a result of any remediation or restoration of ACM, mold and lead paint that is required by
Landlord pursuant to the provisions of Section&nbsp;31.03 above, and, solely as a result of the state of
facts described in either foregoing clause (i)&nbsp;or (ii), Tenant is actually delayed in the
performance of Tenant&#146;s Work, then the Initial Rent Abatement Period shall be extended by one day
for each day of such actual delay after the date that is two (2)&nbsp;business days after Tenant
provides Landlord with written notice of the existence of such delay (and, in the case of the
foregoing clause (i), specifying the violation or the Law with which Landlord is in noncompliance
and accompanied by back-up documentation evidencing the rejection of Tenant&#146;s application for the
required permit as a result of such non-compliance) until (x)&nbsp;in the case of the foregoing clause
(i), the earlier of the date Landlord shall have removed the notice of violation in question, the
date Tenant obtains such building permit or the date which is two business days after the date that
Tenant is able to obtain such building permit, and (y)&nbsp;in the case of the foregoing clause (ii),
the date on which Tenant is no longer actually delayed as a result of Landlord&#146;s restoration or
remediation; provided, that if Tenant is unable with due diligence to procure a building permit for
Tenant&#146;s Work due to a failure of another tenant in the Building to comply in accordance with its
lease with any Legal Requirements, the provisions of this Section&nbsp;31.05 with respect to the
foregoing clause (i)&nbsp;shall not apply, but Landlord shall use reasonable efforts to enforce such
tenant&#146;s obligation under its lease to comply with Legal Requirements, provided that Landlord shall
not be obligated to seek to terminate such tenant&#146;s lease; provided, further, that in the case of
the foregoing clause (ii), the Initial Rent Abatement Period shall only be extended with respect to
the affected portion of the demised premises to the extent, and for the period of time, that Tenant
is actually delayed in the performance of Tenant&#146;s Work within the affected portion of the demised
premises as a result of Landlord performing such remediation or restoration.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 32
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">TENANT&#146;S WORK, ALLOWANCES, ETC.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.01. Apart from Landlord&#146;s obligation to perform Landlord&#146;s Work in accordance with the terms of
Article&nbsp;31 hereof, Tenant shall be responsible to construct the demised premises for its use and
enjoyment, which work is hereinafter referred to as &#147;Tenant&#146;s Work&#148;. In connection with the
performance of the Tenant&#146;s Work (i)&nbsp;to prepare the Initial Space for Tenant&#146;s initial occupancy,
Tenant shall be entitled to access and use the floors of the demised premises that do not
constitute Initial Space, and (ii)&nbsp;to prepare Portions of the demised premises that do not
constitute Initial Space for Tenant&#146;s initial occupancy, Tenant shall be entitled to access and use
one (1)&nbsp;full vacant floor of the Building outside of the demised premises (subject to the
availability of a vacant floor in the Building that Landlord is not then exhibiting to prospective
tenants), in either case as a temporary storage area (each space described in the foregoing clauses
(i)&nbsp;and (ii)&nbsp;is a &#147;Temporary Storage Area&#148;) for construction materials and furniture, fixtures and
equipment, and for no other use. Tenant agrees that it shall use the Temporary Storage Area in a
manner so as not to disturb other tenants in the Building. The exact floor constituting any
Temporary Storage Area described in clause (ii)&nbsp;of this Section&nbsp;32.01 shall be as determined in
Landlord&#146;s sole discretion and subject to relocation by Landlord from time to time in Landlord&#146;s
sole discretion. Tenant&#146;s use of any Temporary Storage Space shall be on the same terms and
conditions as Tenant&#146;s use of the demised premises (including Tenant&#146;s compliance with all Legal
Requirements applicable thereto), except that Tenant shall not be required to pay any rent to
Landlord in connection with use of any Temporary Storage Area (unless Tenant shall access or use
the Temporary Storage Area in violation of the further provisions of this Section&nbsp;32.01).
Notwithstanding anything to the contrary contained herein, Tenant shall not be entitled to the use
of, or access to, any Temporary Storage Area described in clause (ii)&nbsp;of this Section&nbsp;32.01 for a
period of longer than five (5)&nbsp;consecutive months (or such lesser period of time that Landlord does
not anticipate exhibiting such Temporary Storage Area to prospective tenants) from and after the
date that Tenant first uses or accesses same (or any other Temporary Storage Area from which Tenant
was theretofore relocated by Landlord). Tenant&#146;s failure to vacate and surrender any such
Temporary Storage Area in the manner required under this Lease (as if such Temporary Storage Area
constituted a Portion of the demised premises and the last day of such three (3)&nbsp;consecutive month
period constituted the expiration date hereunder with respect to such Temporary Storage Area) shall
constitute a default by Tenant under this Lease and entitle Landlord to all of its rights and
remedies hereunder (including, without limitation, pursuant to Articles 14, 15, 16 and 18 hereof),
at law or in equity.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Before Tenant commences Tenant&#146;s Work, Tenant shall (i)&nbsp;obtain all necessary municipal or
governmental approvals and consents to construct the demised premises in substantially accordance
with the plans and specifications which shall be submitted to Landlord for its approval as
hereinafter more specifically required, and, at such time as the plans and specifications are
approved and initialed by Landlord and Tenant for
identification, the same shall be deemed incorporated herein by reference albeit that they are not
physically attached hereto, and (ii)&nbsp;enter into a construction contract for the performance of
Tenant&#146;s Work with a contractor to be selected by Tenant and approved by Landlord, which approval
shall not be unreasonably withheld, conditioned or delayed, which construction contract and
contractor are hereinafter respectively referred to as &#147;Construction Contract&#148; and &#147;Construction
Contractor&#148;. After obtaining Landlord&#146;s consent and entering into such Construction Contract,
Tenant shall cause the demised premises to be completed substantially in conformance with the plans
and specifications approved by Landlord in accordance herewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All subcontracts relating to Building Systems shall be with subcontractors chosen by the Tenant or
Construction Contractor from the list of subcontractors attached hereto as Exhibit&nbsp;CO, provided
that the charges imposed by such subcontractors must be competitive with other subcontractors
performing similar services in Comparable Buildings. Tenant shall have the right to use
subcontractors for work relating to the Building Systems other than those on Landlord&#146;s approved
list subject to Landlord&#146;s approval of such subcontractors, such approval not to be unreasonably
withheld, conditioned or delayed. All other subcontractors employed by Tenant and/or Construction
Contractor shall be approved by Landlord, which approval shall not be unreasonably withheld,
conditioned or delayed. In the event Landlord fails to respond to Tenant&#146;s request for approval of
subcontractors within ten (10)&nbsp;business days of receipt of such request, Landlord shall be deemed
to have approved such subcontractors. Tenant acknowledges that in no event will Tenant look to
Landlord to perform, correct, complete or guarantee Construction Contractor&#146;s obligations under the
Construction Contract, it being understood that the Construction Contract is between Tenant and the
Construction Contractor. Further, Tenant acknowledges that there shall be no liability on the part
of Landlord, and Tenant hereby expressly waives any liability or claim of damages against Landlord,
as a result of, arising out of, or in any way connected with Landlord&#146;s furnishing Tenant with, or
Tenant&#146;s selection from, any list of subcontractors that Landlord has, under the terms of this
Article&nbsp;32 or otherwise, furnished to Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.03. Intentionally Omitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.04. (a)&nbsp;Landlord shall reimburse Tenant for the cost of Tenant&#146;s Work (as hereinafter defined)
in an amount (the &#147;<U>Work Allowance</U>&#148;) up to $18,837,350.00 (of which no more than
$3,767,470.00 shall be reimbursed to Tenant in respect of Qualified Soft Costs (as hereinafter
defined)), upon the following terms and conditions:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;The Work Allowance shall be payable to Tenant from and after the date of this Lease in
installments as Tenant&#146;s Work progresses and/or Tenant incurs Qualified Soft Costs, but in no event
more frequently than monthly;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(ii)&nbsp;Prior to the payment of any installment, Tenant shall deliver to Landlord a request for
disbursement which shall be accompanied by (A)&nbsp;paid invoices for the Tenant&#146;s Work and Qualified
Soft Costs performed or incurred since the last disbursement of the Work Allowance (or invoices if
Tenant shall be directing Landlord
to directly pay Tenant&#146;s Contractors or materialmen or persons/entities providing services
described as Qualified Soft Costs), (B)&nbsp;a certificate signed by Tenant and Tenant&#146;s architect or
Construction Contractor certifying (in the case of Tenant, to Tenant&#146;s knowledge) that Tenant&#146;s
Work and services represented by the aforesaid invoices have been completed substantially in
accordance with the plans and specifications therefor approved by Landlord and in accordance with
the provisions of this Lease, and (C)&nbsp;except with respect to the first installment, partial lien
waivers from Tenant&#146;s Contractors and materialmen for all such work and services (except that no
such lien waiver shall be required from a subcontractor or materialmen whose entire contract is for
less than $15,000 provided Tenant&#146;s general contractor provides a lien waiver which covers such
subcontractor or materialman&#146;s work and/or supplies, as applicable). Following the completion of
all of Tenant&#146;s Work, Tenant shall deliver to Landlord: (w)&nbsp;a certificate signed by Tenant and
Tenant&#146;s architect or Construction Contractor certifying (in the case of Tenant, to Tenant&#146;s
knowledge) that all of Tenant&#146;s Work has been completed substantially in accordance with the plans
and specifications therefor approved by Landlord, (x)&nbsp;all DOB sign-offs and inspection certificates
and any permits required to be issued by the DOB or any other governmental entities having
jurisdiction thereover with respect to Tenant&#146;s Work, (y)&nbsp;final lien waivers from the Construction
Contractor and any Contractors and materialmen that are not directly employed by the Construction
Contractor with respect to Tenant&#146;s Work and (z)&nbsp;all documents, discs and drawings required to be
delivered by Tenant to Landlord pursuant to Section&nbsp;32.10 below. Each installment of the Work
Allowance shall be made to Tenant no later than 30&nbsp;days following the delivery to Landlord of the
documentation described above (the &#147;Documentation&#148;), provided that the Documentation is submitted
to Landlord on or before the 10th day of a month, and in the event the Documentation is submitted
at any time after the 10th day of any given month, Landlord&#146;s payment shall be made on or before
the end of the month following the month in which Tenant submits the Documentation. Landlord shall
be permitted to retain from each disbursement an amount equal to 10% of the amount requested to be
disbursed by Tenant (the &#147;Retainage Amount&#148;); provided, the Retainage Amount shall be reduced on a
dollar-for-dollar basis by the amount Tenant is then, in fact, retaining from Tenant&#146;s payments to
the applicable Contractor in accordance with the applicable contract(s), as evidenced in writing by
Tenant to Landlord. The Retainage Amount, if any, shall be paid by Landlord to Tenant within
thirty (30)&nbsp;days following completion of Tenant&#146;s Work and delivery of the above-described
Documentation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iii)&nbsp;Tenant is not then in monetary default or material non-monetary default under this Lease
beyond applicable notice and cure periods; provided that if any such default exists and is
thereafter cured, then so long as no other such default then exists and the Lease remains in
effect, Tenant shall be immediately entitled to the applicable disbursement of Work Allowance after
such default has been cured; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iv)&nbsp;The Tenant&#146;s Work for which Tenant shall be entitled to reimbursement from the Work
Allowance shall include, without limitation, the installation of fixtures, improvements, and
appurtenances attached to or built into the demised premises first installed by or on behalf of
Tenant from and after the first Possession
Date to occur, and shall include Tenant&#146;s telephone and data equipment, UPS, battery backup,
telecommunication wiring, turrets, racking and other machinery and equipment necessary to install
Tenant&#146;s telecommunication and information technology infrastructure.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(v)&nbsp;In no event shall Tenant be entitled to reimbursement from the Work Allowance for
Qualified Soft Costs in excess of an aggregate amount for all Qualified Soft Costs of
$3,767,470.00. &#147;Qualified Soft Costs&#148; means the fees and expenses of third-party architects,
engineers and technical consultants, filing fees, moving expenses, and the cost of furniture,
equipment and other personal property, in each case incurred by Tenant in connection with Tenant&#146;s
Work. Notwithstanding anything to the contrary contained in the Lease, in connection with a
request for disbursement from the Work Allowance to pay for Qualified Soft Costs to vendors who are
not legally entitled to file a lien against the Land or the Building, the only conditions to such
disbursement shall be the condition described in Section&nbsp;32.04(a)(iii) above and Tenant&#146;s
submission of a written invoice from the applicable vendor with reasonably detailed backup
information if requested by Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(vi)&nbsp;In no event shall Tenant be entitled to submit a requisition for any Work Allowance
following the eighth (8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) anniversary of the first Possession Date to occur (the
&#147;Outside Allowance Date&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;If following the completion of Tenant&#146;s Work and Tenant taking occupancy of substantially
all of the demised premises for the conduct of its business there remains any undisbursed portion
of the Work Allowance not requisitioned by Tenant, then Tenant shall be entitled to apply a portion
of the Work Allowance as a credit toward the next installments of basic rent, Tax Payment and/or
Operating Payment coming due under the Lease; provided that (i)&nbsp;Tenant shall not be entitled to a
credit in respect thereof in excess of $200,000 in any month during the term, (ii)&nbsp;Tenant shall not
be entitled to aggregate credits in respect thereof in excess of $2,700,000.00 and (ii)&nbsp;at the time
of such application, Tenant shall not be in monetary default or material non-monetary default under
this Lease beyond applicable notice and cure periods; provided that if any such default exists and
is thereafter cured, then so long as no other such default then exists and this Lease remains in
effect, Tenant shall be immediately entitled to the applicable rent credit after such default has
been cured.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The right to receive reimbursement for the cost of Tenant&#146;s Work as set forth in this
Section&nbsp;32.04 shall be for the exclusive benefit of Tenant (and any Permitted Transferee), it being
the express intent of the parties hereto, that except as otherwise provided in Section&nbsp;32.01, in no
event shall such right be conferred upon or for the benefit of any third party (other than any
Permitted Transferee), including, without limitation, any contractor, subcontractor, materialman,
laborer, architect, engineer, attorney, subtenant or any other person, firm or entity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Notwithstanding anything to the contrary contained herein, pursuant to a letter dated as
of the date of this Lease, Metropolitan Life Insurance Company has
agreed to pay the Work Allowance solely to the extent and subject to the terms and conditions
provided in such letter.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.05. In addition to the Construction Contractor to be engaged to complete Tenant&#146;s Work, it is
understood and agreed that Tenant shall engage a contractor and sub-contractors selected in
accordance with the procedures and requirements for selecting contractors and sub-contractors in
Section&nbsp;32.02, above, as Tenant&#146;s general contractor (and sub-contractors thereof) in Tenant
Alterations which Tenant is permitted to make or may be required to make under the terms of this
Lease (all of such work, other than Tenant&#146;s Work, is hereinafter, sometimes referred to as
&#147;Work&#148;). Landlord, at its option, may (by itself or, at Landlord&#146;s option, through a designee)
supervise Tenant&#146;s Work and/or Work (in such reasonable manner as customary in the industry), and
may retain an outside third party consultant to review Tenant&#146;s proposed plans and specifications
when the Tenant&#146;s Work or Work in question is of a unique (as such term is defined in Article&nbsp;3
herein) nature and in such event, Tenant shall reimburse Landlord for Landlord&#146;s actual (but
reasonable) out-of-pocket costs to retain such third party consultant for such plan and
specification review. In no event, however, shall reimbursement be required for plan and
specification review by any employee of Landlord or for any supervisory services by any such party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the purposes of this Section&nbsp;32.05, supervisory services shall mean the general overseeing of
Tenant&#146;s Work or Work, as the case may be, with a view towards the avoidance or prevention of
potential breaches of the rules and regulations promulgated by Landlord with respect to
construction undertaken in the Building and such services shall not, or be deemed to, impose any
obligations on Landlord (or its designee performing such services) as a general contractor,
supervising architect or job superintendent. Subject to Section&nbsp;3.09 of this Lease, Landlord shall
be entitled to a supervisory fee (based on Landlord&#146;s actual reasonable out-of-pocket costs and
expenses) with respect to the supervision of structural Work and Work that is of a unique (as
defined in Article&nbsp;3 herein) nature, and all monies due and payable to Landlord in connection
therewith shall be paid within thirty (30)&nbsp;days of Landlord&#146;s written demand therefor (with
reasonable back-up) and any monies not paid when due may, at Landlord&#146;s option, be deemed
additional rent. It is further understood and agreed that Landlord and/or its designee, as
supervisor, shall have no obligations or responsibilities with respect to the completion of
Tenant&#146;s Work or the Work, for any defects (latent or otherwise) therein or thereto or to the
quality of workmanship thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.06. Tenant shall furnish Landlord for Landlord&#146;s approval with three (3)&nbsp;complete sets of the
preliminary plans and specifications for Tenant&#146;s Work, which plans and specifications shall be
prepared by an architect licensed in the State of New York. Landlord or its architect shall,
within ten (10)&nbsp;business days after Landlord&#146;s receipt of the preliminary plans and specifications,
notify Tenant of any objections Landlord or its architect may have with respect to the matters
shown on the plans and specifications. Tenant shall then, (i)&nbsp;at its cost, cause its architect to
revise the preliminary plans and specifications in such manner as to eliminate Landlord&#146;s
objections and (ii)&nbsp;resubmit the revised preliminary plans and specifications for Landlord&#146;s
approval. If Landlord shall fail
to respond to Tenant&#146;s preliminary plans and specifications within ten (10)&nbsp;business days after
Landlord&#146;s receipt of same or within five (5)&nbsp;business days after Tenant&#146;s resubmission of the
revised space drawings to Landlord, as the case may be, and if Landlord shall fail timely to
respond to a Second Request in connection therewith, then Landlord shall be deemed to have approved
such preliminary plans and specifications.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Landlord or its architect determine that the revised preliminary plans and specifications have
not been redrawn to eliminate its or their objections, Landlord or its architect shall, within five
(5)&nbsp;business days of its or their receipt of the revised preliminary plans and specifications,
notify Tenant of its or their objections; and, if Tenant does not submit re-revised preliminary
plans and specifications within ten (10)&nbsp;business days thereafter, Landlord&#146;s architect and
Tenant&#146;s architect shall diligently work together in good faith to revise such plans and
specifications so that Landlord may approve same.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.07. After Landlord&#146;s approval (or deemed approval) of Tenant&#146;s preliminary plans and
specifications. Tenant, at its sole cost and expense, shall cause to be prepared and delivered to
Landlord four (4)&nbsp;complete sets of working drawings and specifications, prepared in conformity with
the preliminary plans and specifications. Landlord shall, within ten (10)&nbsp;business days after
Landlord&#146;s receipt of the working drawings and specifications, notify Tenant of the matters, if
any, in which said working drawings and specifications fail to conform to the preliminary plans and
specifications and/or the reasonable standards established for the Building. Tenant shall then
promptly upon receipt of such notice from Landlord cause said working drawings and specifications
to be revised in such manner as is reasonably requisite to obtaining Landlord&#146;s approval and shall
resubmit revised working drawings and specifications for Landlord&#146;s approval which shall be granted
or withheld within ten (10)&nbsp;business days of submission of such revised plans. When Landlord shall
determine that the working drawings and specifications or revised working drawings and
specifications, as the case may be, conform to the preliminary plans and specifications and the
reasonable standards established for the Building and are reasonably satisfactory to Landlord,
Landlord shall cause the plans and specifications to be initialed on behalf of Landlord, thereby
evidencing the approval thereof by Landlord, and shall return one (1)&nbsp;set so initialed to Tenant.
If no revised working drawings or specifications have been submitted for Landlord&#146;s approval,
Landlord&#146;s architect and Tenant&#146;s architect shall work together, diligently and in good faith, to
revise such plans and specifications so that Landlord may approve same. Notwithstanding the
foregoing, only if Building Systems and the structural elements of the Building are not adversely
affected, Tenant shall have the right to make reasonable and immaterial so-called &#147;field&#148; changes
and Tenant shall notify Landlord as soon thereafter as is possible. The &#147;field&#148; changes shall be
reflected in the final approved plans and specifications as bubble changes, it being understood
that Tenant shall not be required to prepare new sets of plans and specifications. If Building
Systems (outside of the demised premises) or structural elements of the Building are to be
adversely affected, drawings/field sketches (i.e., depicted as bubble changes to the final approved
plans and specifications) must be approved in writing by Landlord prior to the commencement of the
work and such approval shall not be unreasonably withheld, conditioned or delayed.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.08. Prior to undertaking any Work, Tenant shall submit to Landlord, for Landlord&#146;s approval, the
preliminary and final plans and specifications (if the same would customarily be prepared for the
work) on the same basis as provided in Sections&nbsp;32.06 and 32.07 above and the same procedures for
review, noting of objections, redrawing and approval of, such preliminary and final plans and
specifications by Landlord and/or its architects shall, similarly, be made on, and be governed by,
the same general basis as set forth in said Sections&nbsp;32.06 and 32.07. In addition, with respect to
Work, Tenant shall obtain all necessary municipal or governmental approvals and consents to
undertake and complete the Work as is required for Tenant&#146;s Work.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.09. Notwithstanding anything to the contrary contained herein, in the event Tenant has made all
necessary submissions in order for Landlord to approve or disapprove, as the case may be, plans and
specifications for Tenant&#146;s Work, or Work, as the case may be, and Landlord fails to respond either
way to Tenant within the time periods set forth above, subject to the Second Request Requirement,
Landlord shall be deemed to have approved such plans or drawings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.10. Notwithstanding anything to the contrary contained herein, within one hundred (100)&nbsp;days
following the completion of Tenant&#146;s Work or Work, as the case may be, Tenant, at its sole cost and
expense, shall deliver to Landlord (provided the same would customarily be prepared with respect to
such Work) one (1)&nbsp;complete mylar set and computer files in AutoCADD (up to and including Version
12) &#147;dwg&#148; format, in accordance with &#147;CADD&#148; (to wit: Computer Aided Design and Drawing) Standards
as documented in the then current CADD system used by Landlord of final as-built plans or final
construction plans with field notes marked for Tenant&#146;s Work or Work, as the case may be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">32.11. Provided Landlord shall not incur any liability or cost, Landlord shall sign any application
or other document required for the issuance of any governmental permit required for Tenant&#146;s
performance of any Work or Tenant&#146;s Work, even if Landlord has not approved the Work or Tenant&#146;s
Work (but not if Landlord has already disapproved the Work or Tenant&#146;s Work) to which such
application relates (it being understood that Landlord&#146;s signing such application or other document
shall be solely to enable Tenant to expedite the governmental review process and shall not
constitute Landlord&#146;s approval of such Work or Tenant&#146;s Work or excuse Tenant from its obligation
to obtain such approval prior to commencing such Work or Tenant&#146;s Work). Tenant shall be permitted
to submit its plans and specifications for any Work or Tenant&#146;s Work simultaneously to Landlord and
the DOB for approval, provided that the foregoing shall not be deemed or construed as a waiver of
Landlord&#146;s right to review such plans and specifications subsequent to such submission to the DOB.
If Landlord shall require any modifications to such plans and specifications, Tenant shall modify
and resubmit such plans and specifications as so modified to both Landlord and the DOB for further
approval in accordance with the provisions of this Lease.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 33
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CONDOMINIUM
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Subject to Tenant&#146;s receipt of a commercially reasonable subordination, non-disturbance and
attornment agreement from the Condo Board (as hereinafter defined), this Lease and all rights of
Tenant hereunder are and shall be subject and subordinate in all respects to any condominium
declaration and any other documents (collectively, the &#147;Declaration&#148;) which are or shall be
recorded in order to convert the Land and the improvements erected thereon to a condominium form of
ownership in accordance with the provisions of Article&nbsp;9-B of the Real Property Law, or any
successor thereto, provided the Declaration does not include other terms which increase Tenant&#146;s
obligations (except to a de minimis extent), decrease Tenant&#146;s rights (except to a de minimis
extent) or increase Landlord&#146;s rights under this Lease or decrease Landlord&#146;s obligations to Tenant
under this Lease. If any such Declaration is to be recorded, Tenant, upon the request of Landlord,
shall enter into an amendment of this Lease confirming such subordination and modifying the Lease
in such respects as shall be necessary to conform to such condominiumization, including, without
limitation, appropriate adjustments to Tenant&#146;s Proportionate Share and appropriate reductions in
the Operating Expenses for the Base Operating Period and the Base Tax; provided, that, such
amendment shall not reduce Tenant&#146;s rights or increase Tenant&#146;s obligations under this Lease (in
either case except to a de minimis extent), increase Tenant&#146;s monetary obligations under the Lease
or increase Landlord&#146;s rights under this Lease or decrease Landlord&#146;s obligations to Tenant under
this Lease. Landlord shall reimburse Tenant for Tenant&#146;s actual reasonable out-of-pocket costs
incurred in connection with such amendment. Notwithstanding the foregoing, in the event of any
conversion of the Land and improvements erected thereon to a condominium form of ownership,
wherever in this Lease Tenant is required to obtain Landlord&#146;s consent or approval, Tenant
acknowledges that Landlord may be required to first obtain the consent or approval of the board of
managers of the condominium association or similar body (the &#147;Condo Board&#148;) established in
connection with such conversion, and if Landlord and/or any affiliates of Landlord shall not have
the unanimous authority to cause the Condo Board to approve or disapprove of the matter for which
Tenant seeks approval, and the Condo Board shall refuse such consent or approval, then Landlord
shall be released of any obligation to grant its consent or approval of such matter, Tenant&#146;s
obligations under this Lease shall not be impaired and Landlord shall have no liability to Tenant
in connection therewith; provided, Landlord shall use reasonable efforts in Landlord&#146;s prudent
business judgment to cause the Condo Board to give or refuse its consent or approval (which shall
in no event be construed to require Landlord to initiate any action or lawsuit or expend funds).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 34
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NAME OF BUILDING; SIGNAGE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">34.01. Landlord shall have the full right at any time to name and change the name of the Building
and to change the designated address of the Building. The Building may be
named after any person, firm, or otherwise, whether or not such name is, or resembles, the name of
a tenant of the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">34.02 (a)&nbsp;Tenant shall have (i)&nbsp;the non-exclusive right to place one sign identifying Tenant and/or
its Affiliates in the form of a plaque on the exterior of the Building near the entrances on Broad
Street and Stone Street/Coenties Alley (the &#147;Exterior Signage&#148;), and (ii)&nbsp;subject to the provisions
of Section&nbsp;34.04 below, the exclusive (subject to Section&nbsp;34.03 below) right to place a sign
depicting the corporate name or logo of Tenant and/or its Affiliates (provided that such Affiliates
operate the same business as Tenant) in the lobby elevator bank serving floors 22 through and
including 30 of the Building (the &#147;Elevator Bank Signage&#148;; together with the Exterior Signage,
collectively, &#147;Tenant&#146;s Signage&#148;). The location, size, dimensions and appearance of Tenant&#146;s
Signage shall be approved by Landlord, which approval shall not be unreasonably withheld (taking
into account the Lobby Work to be performed by Landlord); it being acknowledged and agreed that
Landlord hereby approves the location, size, dimensions and appearance of the Exterior Signage as
shown on Exhibit&nbsp;S attached hereto. Tenant&#146;s Signage shall be installed, maintained and repaired
by Landlord at Tenant&#146;s sole but reasonable cost and expense based on Landlord&#146;s actual reasonable
out-of-pocket costs and expenses. Notwithstanding the provisions of this Section&nbsp;34.02, Tenant&#146;s
right to maintain Tenant&#146;s Signage shall be subject to Tenant (or any Permitted Transferee) at all
times leasing not less than 225,000 rentable square feet in the Building (the &#147;Leasing Test&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Upon the expiration or earlier termination of the Lease, Tenant shall remove Tenant&#146;s
Signage at its sole cost and expense and Tenant shall repair any damage caused to the Building by
the use or removal of such Tenant Signage. Landlord shall have the right (but not the obligation)
to perform Tenant&#146;s removal and restoration obligations under this <U>Section&nbsp;34.02(b)</U> and
Tenant shall, on demand, reimburse Landlord for all actual reasonable out-of-pocket costs and
expenses incurred by Landlord in connection therewith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">34.03 Subject to this Section&nbsp;34.03 and Section&nbsp;34.04, Landlord reserves the right to install or
grant any other person or entity permission to install signage in, on or about the common areas of
the Land or Building or the exterior thereof, provided that so long as Tenant is the Tenant named
herein (or a Permitted Transferee), Tenant satisfies the Leasing Test and this Lease shall be in
effect, Landlord shall not permit any other office tenant in the Building to install signage:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;on the Broad Street side fa&#231;ade of the Building which tenant&#146;s signage is larger than the
Exterior Signage, provided this clause (a)&nbsp;shall only apply if such other tenant (i)&nbsp;does not lease
space in the Building as of the date of this Agreement and (ii)&nbsp;at the time in question leases less
space in the Building than Tenant and its Permitted Transferees; provided, that following the
installation of the Exterior Signage, Landlord may permit such other tenant to install signage on
the Broad Street side fa&#231;ade of the Building which tenant&#146;s signage is larger than the
then-existing Exterior Signage if in
connection therewith Landlord permits Tenant to increase the size of the then-existing Exterior
Signage to be the same size as, or larger than, such other tenant&#146;s signage.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;within a fifteen (15)&nbsp;feet radius of the Exterior Signage on Broad Street (provided, the
foregoing shall not prohibit Landlord from permitting any other person or entity to install signage
on a column that is adjacent to, or the transom that is above, the column on which the Exterior
Signage is installed); or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;in the same lobby elevator bank in which the Elevator Bank Signage is located, unless such
other tenant (i)&nbsp;leases, at all times during which such signage rights are granted to such other
tenant, at least 300,000 rentable square feet in the Building and at least one full floor between
floors 22 and 30 of the Building, inclusive, and/or (ii)&nbsp;leases at least three (3)&nbsp;full floors
between floors 22 and 30 of the Building, inclusive.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">34.04 The rights of Tenant under this Article&nbsp;34 shall be personal to the named Tenant herein and
any Permitted Transferee, provided that Tenant shall be permitted to transfer its rights to
Tenant&#146;s Signage (but not its right to have Tenant&#146;s Exterior Signage relocated to a relocated main
building entrance as provided in Section&nbsp;4.04) to (a)&nbsp;any sublessee of Tenant that is subleasing in
excess of 190,000 rentable square feet of the demised premises and (b)&nbsp;any assignee of Tenant, in
each case which is approved in accordance with the provisions of this Lease.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 35
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">INVALIDITY OF ANY PROVISION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">35.01. If any term, covenant, condition or provision of this Lease or the application thereof to
any circumstance or to any person, firm or corporation shall be held invalid or unenforceable to
any extent, the remaining terms, covenants, conditions and provisions of this Lease, or the
application thereof to any circumstances or to any person, firm or corporation other than those as
to which any term, covenant, condition or provision is held invalid or unenforceable, shall not be
affected thereby and each remaining term, covenant, condition and provision of this Lease shall be
valid and shall be enforceable to the fullest extent permitted by law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 36
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CAPTIONS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">36.01. The captions are inserted only as a matter of convenience and for reference, and in no way
define, limit or describe the scope of this Lease nor the intent of any provision thereof.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 37
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF LANDLORD OR TENANT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">37.01. Landlord or Tenant shall, without charge, at any time and from time to time, within fifteen
(15)&nbsp;days after the written request by the other, deliver a written statement to the other, or any
other person, firm or corporation reasonably specified by the other (which may include a mortgagee,
ground lessor or proposed transferee of Landlord, or a permitted subtenant or assignee of Tenant),
signed by an authorized signatory, stating:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;That this Lease is unmodified and in full force and effect or, if there has been any
modification, that the same is in full force and effect as modified and stating any such
modification;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Whether or not there are then existing any setoffs or defenses against the enforcement of
any of the agreements, terms, covenants, or conditions of this Lease and any modification thereof
upon the part of Landlord or Tenant to be performed or complied with, and, if so, specifying the
same;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The dates to which basic annual rent, additional rent, and other charges hereunder have
been paid;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Whether the Possession Date has occurred with respect to any portion of the demised
premises and rent become payable hereunder with respect thereto; and whether Tenant has accepted
possession of any portion of the demised premises;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Whether or not, in the case of Landlord&#146;s certificate, to Landlord&#146;s knowledge, Landlord,
or in the case of Tenant&#146;s certificate, to Tenant&#146;s knowledge, Tenant, is in default under this
Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;In the case of Tenant, whether the Lease has been assigned or any portion of the demised
premises has been subleased;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;In the case of Tenant, the amount of any unpaid tenant improvement allowance or landlord
contribution payable to Tenant; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(h)&nbsp;Such other statements reasonably requested by the requesting party.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 38
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BROKER
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">38.01. Landlord and Tenant represent and warrant to each other that the only agents or brokers
with whom each has dealt in connection with this Lease and/or the demised premises and/or the
Building are Jones Lang LaSalle (represented by Peter G. Riguardi, Frank A. Doyle and Cynthia
Wasserberger) (&#147;JLL ONE&#148;), Jones Lang LaSalle (represented by Mitchell Konsker and Matthew
Astrachan) (&#147;JLL TWO&#148;) and Cushman &#038;
Wakefield, Inc. (represented by Steven Bauer) (&#147;C&#038;W&#148;) (JLL ONE, C&#038;W and JLL TWO are, collectively,
the &#147;Brokers&#148;), and that this Lease was not brought about or procured through the use, negotiation
and/or instrumentality of any other agents or brokers. Landlord agrees to pay the fee of JLL ONE
pursuant to a separate written agreement. Landlord covenants and agrees to pay, indemnify and hold
Tenant harmless from and against any and all claims for commissions and other compensation made by
any agent or agents and/or any broker or brokers claiming to have dealt with Landlord, including
JLL ONE, but excluding C&#038;W and JLL TWO, together with all costs and expenses incurred by Tenant in
resisting such claims including, without limitation, reasonable attorneys&#146; fees and expenses.
Tenant covenants and agrees to pay, indemnify and hold Landlord harmless from and against any and
all claims for commissions and other compensation made by any agent or agents and/or any broker or
brokers claiming to have dealt with Tenant, including C&#038;W and JLL TWO, but excluding JLL ONE,
together with all costs and expenses incurred by Landlord in resisting such claims including,
without limitation, reasonable attorneys&#146; fees and expenses. Landlord and Tenant acknowledge that
Jones Lang LaSalle shall enter into a separate agreement with C&#038;W which provides that, among other
terms, if this Lease is executed and delivered by both Landlord and Tenant and all conditions to
the effectiveness hereof shall be satisfied, Jones Lang LaSalle shall pay to C&#038;W a commission to be
agreed upon between Jones Lang LaSalle and C&#038;W, subject to, and in accordance with, the terms and
conditions of such written agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 39
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RENEWAL OPTION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">39.01. By written notice delivered to Landlord on or before the date which is sixteen (16)&nbsp;months
prior to the then Expiration Date (the &#147;Exercise Date&#148;), <U>time being of the essence</U>,
expressly provided that (i)&nbsp;on the Exercise Date, Tenant is not then in monetary default or
material non-monetary under this Lease beyond any applicable notice and grace period, and (ii)&nbsp;on
the Exercise Date and as of the first date of the renewal term, except as provided in Section&nbsp;39.04
below, Tenant and/or its Permitted Transferees are in occupancy of not less than seventy five (75%)
percent of the rentable square footage of the demised premises then leased by Tenant (the &#147;Renewal
Occupancy Test&#148;), Tenant shall have the option to extend the term of this Lease for, except as
provided in Section&nbsp;39.04 below, either (a)&nbsp;the entire demised premises, or (b)&nbsp;the entire demised
premises <U>less</U> <U>only</U> the highest or lowest one or two contiguous full floors in the
Tower Floor Stack (as hereinafter defined), either for ten (10)&nbsp;years or for five (5)&nbsp;years (as
specified by Tenant in its extension notice to Landlord; it being agreed that Tenant&#146;s failure to
specify in such notice whether Tenant elects to renew this Lease for five (5)&nbsp;years or ten (10)
years shall be deemed Tenant&#146;s election to renew this Lease for ten (10)&nbsp;years) commencing on the
first day following the then Expiration Date and ending, (x)&nbsp;in the event of a ten (10)&nbsp;year
extension, on the date immediately preceding the tenth (10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) anniversary of
commencement of the renewal term, or (y)&nbsp;in the event of a five (5)&nbsp;year renewal term, on the date
immediately preceding the fifth (5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) anniversary of commencement of the
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">renewal
term
(hereinafter, in either event, the &#147;renewal term&#148;)
upon the same terms and conditions hereof except that (1)&nbsp;the basic annual rental rate to be paid
by Tenant for the renewal term shall be one hundred (100%) percent of the annual fair market rental
value for the demised premises so renewed, as determined as hereinafter set forth, and to be
effective on the first day of the first renewal term, (2)&nbsp;the Base Tax Year shall be the fiscal tax
year in which the renewal term commences and (3)&nbsp;the Base Operating Period shall be the calendar
year in which the renewal term commences. The term &#147;Tower Floor Stack&#148; as used in this Lease shall
mean, from time to time during the term of this Lease, the full or partial floors between floors 22
through 30, inclusive, of the Building then leased by Tenant; it being acknowledged that as of the
date of this Lease, the Tower Floor Stack consists of floors 22 through 30, inclusive, of the
Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In this regard, no earlier than four hundred and twenty five (425)&nbsp;days and no later than three
hundred and sixty five (365)&nbsp;days prior to the Expiration Date, which sixty (60)&nbsp;day period is
hereinafter referred to as the &#147;Exchange Period&#148;, Landlord shall submit to Tenant a statement of
Landlord&#146;s determination of the annual fair market rental value for the demised premises so elected
to be renewed by Tenant for the renewal term, which statement shall show the basis upon which such
determination was made. The term &#147;Fair market rental value&#148; means the fixed annual rent that a
willing lessee would pay and a willing lessor would accept for the demised premises so elected to
be renewed by Tenant during the renewal term, taking into account that Tenant is not receiving any
concessions for the renewal term and all other then current relevant factors, and measured as of
the date that is six (6)&nbsp;months prior to the commencement of the renewal term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Within twenty (20)&nbsp;business days after receipt of Landlord&#146;s determination, Tenant may either (i)
accept Landlord&#146;s determination of the annual fair market rental value or (ii)&nbsp;provide Landlord
with its own determination of the annual fair market rental value, including the basis upon which
such determination was made. Tenant&#146;s failure to elect either option (i)&nbsp;or (ii)&nbsp;of the
immediately preceding sentence shall be deemed Tenant&#146;s agreement with Landlord&#146;s determination of
the annual fair market rental value. If Tenant elects option (ii), then Landlord and Tenant shall,
for a period of thirty (30)&nbsp;days after Landlord&#146;s receipt of Tenant&#146;s determination, negotiate in
good faith to determine the annual fair market rental value and if Landlord and Tenant are
unsuccessful in reaching agreement within such thirty (30)&nbsp;days, either Landlord or Tenant may
cause the issue to be arbitrated as hereinafter in this Article&nbsp;39 set forth. Except for the
determination of basic annual rental rate and the re-setting of the Base Tax Year and Base
Operating Period (in accordance with the first paragraph of this Section&nbsp;39.01), the renewal term
shall be upon all of the terms, covenants and conditions contained in this Lease, provided that
Landlord shall have no obligation to perform any work, pay any contribution or render any services
to make the demised premises so elected to be renewed by Tenant ready for Tenant&#146;s continued use or
occupancy during the renewal term, and Tenant shall accept the demised premises in its &#147;as-is&#148;
condition existing as of the date of the commencement of the renewal term.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">39.02. In the event either Landlord or Tenant elect to arbitrate the issue of annual fair market
rental value, such issue shall be determined by arbitration as hereinafter provided. Landlord and
Tenant shall each appoint a fit and impartial broker as an arbitrator who shall have at least ten
(10)&nbsp;years&#146; experience in the commercial real estate brokerage industry in the City of New York
with respect to first class office buildings in the financial district of Manhattan and who shall
not have worked actively with either party or an affiliate of either party within the previous two
(2)&nbsp;years nor is about to be engaged to work with either party or an affiliate of either party
(each a &#147;Qualified Arbitrator&#148;). Such appointment shall be indicated in writing by each party to
the other. The arbitrators so appointed shall appoint a third Qualified Arbitrator within ten (10)
business days after the appointment of the second arbitrator. In case either party shall fail to
appoint a Qualified Arbitrator within a period of ten (10)&nbsp;business days after written notice from
the other party to make such appointment, the Real Estate Board of New York, or its successor
(&#147;REBNY&#148;) shall appoint such Qualified Arbitrator(s) upon the application of the other party. The
two (2)&nbsp;arbitrators so appointed shall appoint the third (3rd) arbitrator within ten (10)&nbsp;business
days after the appointment of the second (2nd) arbitrator, otherwise REBNY shall similarly make
such appointment upon the application of the other party. The arbitrators shall proceed with all
reasonable dispatch to determine the annual fair market rental value and under all circumstances
shall be bound by the terms of this Lease and shall not add to, subtract from, or otherwise modify
such provisions and shall take into account the definition of &#147;fair market rental value&#148; set forth
above. Landlord and Tenant shall each be permitted to submit to the Qualified Arbitrators a
revised determination of the fair market rental value, provided that Landlord&#146;s revised
determination shall not exceed Landlord&#146;s initial determination of the fair market rental value and
Tenant&#146;s revised determination shall not be less than Tenant&#146;s initial determination of same. The
arbitrators&#146; sole discretion in determining the question submitted shall be limited to selecting
either Landlord&#146;s determination of fair market rental value or Tenant&#146;s determination of fair
market rental value (in either case as revised, if applicable), and no other amount. The decision
of the arbitrators shall, in any event, be rendered within thirty (30)&nbsp;days after their appointment
and such decision shall be in writing and in duplicate with one counterpart delivered to each
Landlord and Tenant. The arbitration shall be conducted in accordance with the then prevailing
Streamlined Arbitration Rules and Procedures of JAMS for arbitration of commercial disputes and
applicable New York law, and a decision of a majority of the arbitrators shall be binding, final
and conclusive upon Landlord and Tenant and shall form the basis for establishing and setting the
basic annual rent payable hereunder with respect to the renewal term. The fees of the third
arbitrator and the expenses incident to the proceedings shall be shared equally between Landlord
and Tenant. Each party shall be responsible for the fees of its own Qualified Arbitrator.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">39.03. In the event the determination of the basic annual rental rate is not finalized until after
the first day of the renewal term, Tenant shall pay rental based on Landlord&#146;s determination of
fair market rental value. In the event the basic annual rental rate for the renewal term as
finally determined to be less than Landlord&#146;s determination of fair market rental value for the
renewal term, Landlord will credit any overpayments by Tenant to the next installment(s) of basic
annual rent becoming due during the first renewal term
following the month in which the basic annual rental rate for the first renewal term was finally
established.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">39.04 Notwithstanding anything to the contrary contained in this Article&nbsp;39, (i)&nbsp;Tenant&#146;s right to
renew this Lease for the renewal term shall be personal to the named Tenant herein and any
Permitted Transferee, and (ii)&nbsp;Tenant shall not be obligated to satisfy the Renewal Occupancy Test
as a condition to Tenant&#146;s right to renew this Lease for the renewal term provided that (x)&nbsp;on the
Exercise Date, Tenant shall be subleasing to a single permitted sublessee (together with any
affiliates of such sublessee) in accordance with the provisions of this Lease in excess of 190,000
rentable square feet of the demised premises, (y)&nbsp;such sublessee shall have an aggregate net worth
(computed in accordance with GAAP) at least equal to seventeen and one-half (17<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) times the greater
of (I)&nbsp;the average basic rental payable per annum under this Lease for the renewal term and (II)
the average basic rental payable per annum under the such sublease for the renewal term, in each
case for the sublet space (each measured as of the Exercise Date) (provided, that if such sublessee
is a Service Industry Transferee, in lieu of such required minimum net worth, the financial
condition of such company shall be reasonably satisfactory to Landlord), and (z)&nbsp;Tenant shall have
an aggregate net worth (computed in accordance with GAAP and as of the Exercise Date) at least
equal to $200,000,000. The amount set forth above in respect of the Tenant&#146;s required net worth
shall be increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring during the term of
this Lease (including the renewal term) to equal the sum of (x) $200,000,000 plus (y)&nbsp;the product
obtained by multiplying (i) $200,000,000 by (ii)&nbsp;the percentage increase in the CPI in effect as of
the applicable January 1 (i.e., as to which such increase is being calculated) over the CPI as of
December&nbsp;31, 2011.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 40
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXPANSION OPTION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">40.01. By written notice (the &#147;ES Acceptance Notice&#148;) delivered to Landlord on or before the date
which is twelve (12)&nbsp;months prior to the Anticipated ES Inclusion Date (as hereinafter defined),
<U>time being of the essence</U>, expressly provided that (i)&nbsp;on the date Tenant delivers such
notice, Tenant is not in monetary default or material non-monetary under this Lease beyond any
applicable notice and grace period, and (ii)&nbsp;on the date Tenant delivers such notice and on the ES
Inclusion Date (as hereinafter defined), Tenant and/or its Permitted Transferees are in occupancy
of at least 190,000 rentable square feet of the demised premises (the &#147;ES Occupancy Test&#148;), Tenant
shall have the option to expand the demised premises by adding the Expansion Space on the ES
Inclusion Date. &#147;Expansion Space&#148; means approximately one-half to one full floor of the Building,
which floor is served by an elevator bank that also serves any portion of the demised premises then
leased by Tenant. The precise size and location of the Expansion Space shall be as determined by
Landlord in its reasonable discretion, provided, however, if such space comprises less than a full
floor, it (i)&nbsp;provides Tenant with access to all Building services provided to the demised
premises; (ii)&nbsp;includes a pro
rata amount of windows and exterior exposure on such floor; and (iii)&nbsp;is configured so as to be in
compliance with all applicable Legal Requirements.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">40.02 Landlord shall deliver to Tenant a written notice on or before the date which is fifteen (15)
months prior to the date on which Landlord reasonably anticipates delivering possession of the
Expansion Space to Tenant (the &#147;Anticipated ES Inclusion Date&#148;), which notice shall identify the
Expansion Space in reasonable detail, including the rentable square footage thereof, and state the
Landlord&#146;s determination of basic annual rental rate with respect to the Expansion Space. If
Tenant effectively exercises its option to add the Expansion Space as provided in Section&nbsp;40.01
above, Landlord shall use reasonable efforts to deliver possession of the Expansion Space to Tenant
on or before the Anticipated ES Inclusion Date, including, to the extent advisable in Landlord&#146;s
business judgment, the institution and prosecution of holdover or other appropriate proceedings
against any occupant of the Expansion Space. The &#147;ES Inclusion Date&#148; shall mean the date on which
Landlord actually delivers possession of the Expansion Space to Tenant, which shall be any date
during the period (the &#147;ES Delivery Period&#148;) from and after February&nbsp;1, 2021 to but not including
February&nbsp;1, 2023 (the &#147;Outside ES Delivery Date&#148;). Notwithstanding the foregoing, if Landlord is
unable to deliver possession of the Expansion Space to Tenant on or before the Anticipated ES
Inclusion Date or within the ES Delivery Period, Landlord shall have no liability to Tenant
therefor and this Lease shall not in any way be impaired; <U>provided</U>, that if Landlord shall
fail to deliver the Expansion Space on or before (i)&nbsp;the 60<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the
Anticipated ES Inclusion Date, then the date on which Tenant&#146;s obligation to commence the payment
of rent for the Expansion Space (the &#147;Expansion Space RCD&#148;) shall be additionally extended by one
(1)&nbsp;day for each day occurring between such 60<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day and the earlier to occur of (a)&nbsp;the
ES Inclusion Date, and (b)&nbsp;the 119<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the Anticipated ES Inclusion Date, or
(ii)&nbsp;the 120<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the Anticipated ES Inclusion Date, then Expansion Space RCD
shall be additionally extended by two (2)&nbsp;days for each day occurring between such 120<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day and the ES Inclusion Date. If Landlord shall fail to deliver the Expansion Space to Tenant on
or before the first anniversary of the Anticipated ES Inclusion Date, then Tenant may revoke its ES
Acceptance Notice upon not less than thirty (30)&nbsp;days prior notice to Landlord (unless Landlord,
prior to the expiration of such thirty (30)&nbsp;day period, delivers to Tenant the Expansion Space);
<U>provided</U>, <U>further</U>, that Tenant&#146;s failure to revoke its ES Acceptance Notice in
respect of the Expansion Space within thirty (30)&nbsp;days following the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>)
anniversary of the Anticipated ES Inclusion Date, <U>time being of the essence</U>, shall
constitute a waiver by Tenant of its right to revoke its ES Acceptance Notice. If the Expansion
Space subsequently becomes available after Tenant has elected to revoke its ES Acceptance Notice,
then Tenant shall again have the right to lease the same pursuant to the provisions of this Article
40 by delivering written notice of same to Landlord within thirty (30)&nbsp;days following the date on
which Landlord shall have notified Tenant in writing that the Expansion Space has become available.
Landlord&#146;s obligation to deliver the Expansion Space to Tenant within any particular period or on
or before any particular date hereunder shall be extended for up to 90&nbsp;days in the aggregate due to
Force Majeure Events, if applicable. This <U>Section&nbsp;40.02</U> constitutes
&#147;an express provision to the contrary&#148; within the meaning of said Section 223(a) of the New York
Real Property Law and any other law of like import now or hereafter in effect.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">40.03. The Expansion Space shall be leased to Tenant upon the same terms and conditions hereof
except that (a)&nbsp;the basic annual rental rate to be paid by Tenant for any portion of the Expansion
Space shall be one hundred percent (100%) percent of the annual fair market rental value of the
Expansion Space, as determined in accordance with Article&nbsp;39 (and measured as of the date that is
six (6)&nbsp;months prior to the ES Inclusion Date), the Base Operating Period shall be the calendar
year in which the term of the Expansion Space commences as part of the demised premises, and the
Base Tax Year shall be the fiscal tax year in which the term of the Expansion Space commences as
part of the demises premises; (b)&nbsp;this lease term for the Expansion Space shall terminate on the
same date this Lease terminates; (c)&nbsp;Tenant&#146;s Proportionate Share for Taxes, Operating Expenses and
Cafeteria Rent shall be appropriately adjusted to include the Expansion Space; and (d)&nbsp;Landlord
shall have no obligation to perform any work, pay any contribution or render any services to make
the Expansion Space ready for Tenant&#146;s use or occupancy, and Tenant shall accept the Expansion
Space in its &#147;as-is&#148; condition existing as of the ES Inclusion Date, except that the same shall be
in vacant and broom-clean condition. For purposes of the application of Article&nbsp;39 to the
Expansion Space, the &#147;Exchange Period&#148; with respect to the Expansion Space shall mean no earlier
than three hundred sixty-five (365)&nbsp;days and no later than three hundred (300)&nbsp;days prior to the
Anticipated ES Inclusion Date. Within twenty (20)&nbsp;business days after receipt of Landlord&#146;s
determination, Tenant may either (i)&nbsp;accept Landlord&#146;s determination of the annual fair market
rental value or (ii)&nbsp;provide Landlord with its own determination of the annual fair market rental
value, including the basis upon which such determination was made. Tenant&#146;s failure to elect
either option (i)&nbsp;or (ii)&nbsp;of the immediately preceding sentence shall be deemed Tenant&#146;s agreement
with Landlord&#146;s determination of the annual fair market rental value. If Tenant elects option
(ii), then Landlord and Tenant shall, for a period of thirty (30)&nbsp;days after Landlord&#146;s receipt of
Tenant&#146;s determination, negotiate in good faith to determine the annual fair market rental value
and if Landlord and Tenant are unsuccessful in reaching agreement within such thirty (30)&nbsp;days,
either Landlord or Tenant may cause the issue to be arbitrated as provided in Article&nbsp;39. Any
portion of the Expansion Space added to the demised premises will be reflected in an &#147;additional
space&#148; amendment to this Lease, mutually satisfactory to Landlord and Tenant, but the failure of
the parties to enter into such amendment shall not nullify or otherwise affect the validity of
Tenant&#146;s exercise of the leasing of such Expansion Space.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">40.04. Except as otherwise provided in this Lease, if Tenant does not exercise its option to lease
the Expansion Space pursuant to this Article&nbsp;40 or revokes its ES Acceptance Notice in accordance
with Section&nbsp;40.02, then, except as set forth in Section&nbsp;40.02, Tenant shall have no further rights
and Landlord shall have no further obligations under this Article&nbsp;40, and this Article&nbsp;40 shall
thereafter be of no force and effect.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">40.05. Notwithstanding anything to the contrary contained in this Article&nbsp;40, (i)&nbsp;Tenant&#146;s right to
add the Expansion Space shall be personal to the named Tenant herein, any
Permitted Transferee of Tenant and any Person to which this Lease is assigned by Tenant in
accordance with the provisions of this Lease, and (ii)&nbsp;Tenant shall not be obligated to satisfy the
ES Occupancy Test as a condition to the exercise of Tenant&#146;s Expansion Option provided that (a)&nbsp;as
of the Tenant&#146;s ES Acceptance Notice, Tenant shall be subleasing to a sublessee of Tenant (together
with any affiliates of such sublessee) in accordance with the provisions of this Lease in excess of
190,000 rentable square feet of the demised premises, (b)&nbsp;such sublessee shall have an aggregate
net worth (computed in accordance with GAAP) at least equal to seventeen and one-half (17<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) times
the greater of (I)&nbsp;the average basic rent payable per annum under this Lease taking into account
the inclusion of the Expansion Space, and (II)&nbsp;the average basic rent payable per annum under such
sublease taking into account the inclusion of the Expansion Space, in each case for the remainder
of the sublet term (each measured as of the date of the ES Acceptance Notice) (provided, that with
respect to any proposed Service Industry Transferee, in lieu of such required minimum net worth,
the financial condition of such company shall be reasonably satisfactory to Landlord), and (c)
Tenant shall have an aggregate net worth (computed in accordance with GAAP) at least equal to
$200,000,000. The amount set forth above in respect of the Tenant&#146;s required net worth shall be
increased on January&nbsp;1, 2012 and on each January 1 thereafter occurring during the term of this
Lease (including the renewal term) to equal the sum of (x) $200,000,000 plus (y)&nbsp;the product
obtained by multiplying (i) $200,000,000 by (ii)&nbsp;the percentage increase in the CPI in effect as of
the applicable January 1 (i.e., as to which such increase is being calculated) over the CPI as of
December&nbsp;31, 2011.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 41
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">2017 EXPANSION OPTION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">41.01. By written notice (the &#147;2017 ES Acceptance Notice&#148;) delivered to Landlord on or before the
date which is twelve (12)&nbsp;months prior to the Anticipated 2017 ES Inclusion Date (as hereinafter
defined), <U>time being of the essence</U>, expressly provided that (i)&nbsp;on the date Tenant
delivers such notice, Tenant is not in monetary default or material non-monetary default under this
Lease beyond any applicable notice and grace period, and (ii)&nbsp;on the date Tenant delivers such
notice and on the 2017 ES Inclusion Date (as hereinafter defined), Tenant and/or its Permitted
Transferees are in occupancy of at least 190,000 rentable square feet of the demised premises,
Tenant shall have the option to expand the demised premises by adding the 2017 Expansion Space (as
hereinafter defined) on the 2017 ES Inclusion Date. The &#147;2017 Expansion Space&#148; means approximately
15,000 rentable square feet to 20,000 rentable square feet of space located between floors 8
through 21 of the Building, inclusive, the exact size and location of which shall be determined by
Landlord in its sole but reasonable discretion, provided, however, if such space comprises less
than a full floor, it (a)&nbsp;provides Tenant with access to all Building services provided to the
demised premises; (b)&nbsp;includes a pro rata amount of windows and exterior exposure on such floor;
and (c)&nbsp;is configured so as to be in compliance with all applicable Legal Requirements.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">41.02. Landlord shall deliver to Tenant a written notice on or prior to the date which is fifteen
(15)&nbsp;months prior to the date on which Landlord reasonably anticipates delivering possession of the
2017 Expansion Space to Tenant (the &#147;<U>Anticipated 2017 ES Inclusion Date</U>&#148;), which notice
shall set forth the Anticipated 2017 ES Inclusion Date and identify the 2017 Expansion Space in
reasonable detail, including the rentable square footage thereof, and state the Landlord&#146;s
determination of basic annual rental rate with respect to the 2017 Expansion Space. If Tenant
effectively exercises its option to add the 2017 Expansion Space as provided in Section&nbsp;41.01
above, Landlord shall use reasonable efforts to deliver possession of the 2017 Expansion Space to
Tenant on or before the Anticipated 2017 ES Inclusion Date, including, to the extent advisable in
Landlord&#146;s business judgment, the institution and prosecution of holdover or other appropriate
proceedings against any occupant of the 2017 Expansion Space. The &#147;2017 ES Inclusion Date&#148; shall
mean the date on which Landlord actually delivers possession of the 2017 Expansion Space to Tenant
in the condition required hereunder, which may be any date from and after March&nbsp;1, 2017 to and
including August&nbsp;1, 2017. Notwithstanding the foregoing, if Landlord is unable to deliver
possession of the 2017 Expansion Space to Tenant on or before the Anticipated 2017 ES Inclusion
Date, Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be
impaired; <U>provided</U>, that Tenant shall be entitled to a credit against the first
installments of basic annual rent payable with respect to the 2017 Expansion Space in an amount
equal to the lesser of (i)&nbsp;the fixed holdover rent (i.e., excluding holdover rent attributable to
payments in respect of Operating Payments or Tax Payments or any other amounts other than fixed
rent) actually received by Landlord from any tenant holding over in the 2017 Expansion Space
(solely with respect to the 2017 Expansion Space and not any other space leased by such tenant) in
respect of the period that Landlord shall not be able to so deliver the 2017 Expansion Space to
Tenant (after deducting therefrom Landlord&#146;s actual out-of-pocket costs of collecting the same),
and (ii)&nbsp;an amount determined by multiplying (a)&nbsp;the fixed holdover rent (i.e., excluding holdover
rent attributable to payments in respect of Operating Payments and Tax Payments or any other
amounts other than fixed rent) per rentable square foot actually paid by Tenant (as reasonably
evidenced to Landlord) to the landlord under that certain Sublease, dated October&nbsp;31, 2006, between
ARK Asset Management Co., Inc., as sublessor, and Oppenheimer &#038; Co. Inc., as sublessee (under which
Oppenheimer &#038; Co. Inc. has attorned to SLG Broad 125 C LLC, as landlord, pursuant to that certain
written demand by SLG Broad 125 C LLC, dated May&nbsp;14, 2009) with respect to Tenant&#146;s holding over in
the space demised under such lease as a result of Tenant&#146;s inability to relocate to the 2017
Expansion Space due to Landlord&#146;s failure timely to deliver same, by (b)&nbsp;the number of rentable
square feet comprising the 2017 Expansion Space; <U>provided</U>, <U>further</U>, that Landlord
shall diligently pursue its rights against any such tenant holding over in the 2017 Expansion Space
in a manner consistent with prudent business practice, including, without limitation, instituting
summary proceedings against such holdover tenant if such holding over shall continue for a period
of forty-five (45)&nbsp;days following the Anticipated 2017 ES Inclusion Date (subject to reasonable
extensions of such period if Landlord shall then be negotiating an arm&#146;s length settlement with
such holdover tenant). If Landlord shall fail to deliver the 2017 Expansion Space to Tenant on or
before the first anniversary of the Anticipated 2017 ES Inclusion Date,
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
then Tenant
may
revoke its 2017 ES Acceptance Notice upon not less than thirty (30)&nbsp;days prior notice to
Landlord (unless Landlord, prior to the expiration of such thirty (30)&nbsp;day period, delivers to
Tenant the Expansion Space); <U>provided</U>, <U>further</U>, that Tenant&#146;s failure to revoke its
2017 ES Acceptance Notice in respect of the 2017 Expansion Space within thirty (30)&nbsp;days following
the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) anniversary of the Anticipated 2017 ES Inclusion Date, <U>time being of
the essence</U>, shall constitute a waiver by Tenant of its right to revoke its 2017 ES Acceptance
Notice. If the 2017 Expansion Space subsequently becomes available after Tenant has elected to
revoke its 2017 ES Acceptance Notice, then Tenant shall again have the right to lease the same
pursuant to the provisions of this Article&nbsp;40 by delivering written notice of same to Landlord
within thirty (30)&nbsp;days following the date on which Landlord shall have notified Tenant in writing
that the 2017 Expansion Space has become available. Landlord&#146;s obligation to deliver the 2017
Expansion Space to Tenant within any particular period or on or before any particular date
hereunder shall be extended for up to 120&nbsp;days in the aggregate due to Force Majeure Events, if
applicable. This <U>Section&nbsp;41.02</U> constitutes &#147;an express provision to the contrary&#148; within
the meaning of said Section 223(a) of the New York Real Property Law and any other law of like
import now or hereafter in effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">41.03. The 2017 Expansion Space shall be leased to Tenant upon the same terms and conditions hereof
except that (a)&nbsp;the basic annual rental rate to be paid by Tenant for any portion of the 2017
Expansion Space shall be one hundred percent (100%) percent of the annual fair market rental value
of the 2017 Expansion Space, as determined in accordance with Article&nbsp;39 (measured as of the date
that is six (6)&nbsp;months prior to the 2017 ES Inclusion Date), the Base Operating Period shall be the
calendar year in which the term of the 2017 Expansion Space commences as part of the demised
premises, and the Base Tax Year shall be the fiscal tax year in which the term of the 2017
Expansion Space commences as part of the demises premises; (b)&nbsp;this lease term for the 2017
Expansion Space shall terminate on the same date this Lease terminates; (c)&nbsp;Tenant&#146;s Proportionate
Share for Taxes, Operating Expenses and Cafeteria Rent shall be appropriately adjusted to include
the 2017 Expansion Space; and (d)&nbsp;and Landlord shall have no obligation to perform any work, pay
any contribution or render any services to make the 2017 Expansion Space ready for Tenant&#146;s use or
occupancy, and Tenant shall accept the 2017 Expansion Space in its &#147;as-is&#148; condition existing as of
the 2017 ES Inclusion Date, except that the same shall be vacant and in broom-clean condition. For
purposes of the application of Article&nbsp;39 to the 2017 Expansion Space, the &#147;Exchange Period&#148; with
respect to the 2017 Expansion Space shall mean no earlier than three hundred sixty-five (365)&nbsp;days
and no later than three hundred (300)&nbsp;days prior to the Anticipated 2017 ES Inclusion Date. Within
twenty (20)&nbsp;business days after receipt of Landlord&#146;s determination, Tenant may either (i)&nbsp;accept
Landlord&#146;s determination of the annual fair market rental value or (ii)&nbsp;provide Landlord with its
own determination of the annual fair market rental value, including the basis upon which such
determination was made. Tenant&#146;s failure to elect either option (i)&nbsp;or (ii)&nbsp;of the immediately
preceding sentence shall be deemed Tenant&#146;s agreement with Landlord&#146;s determination of the annual
fair market rental value. If Tenant elects option (ii), then Landlord and Tenant shall, for a
period of thirty (30)&nbsp;days after Landlord&#146;s receipt of Tenant&#146;s determination, negotiate in good
faith to determine the annual fair market rental value and if Landlord
and Tenant are unsuccessful in reaching agreement within such thirty (30)&nbsp;days, either Landlord or
Tenant may cause the issue to be arbitrated as provided in Article&nbsp;39. Any portion of the 2017
Expansion Space added to the demised premises will be reflected in an &#147;additional space&#148; amendment
to this Lease, mutually satisfactory to Landlord and Tenant, but the failure of the parties to
enter into such amendment shall not nullify or otherwise affect the validity of Tenant&#146;s exercise
of the leasing of such 2017 Expansion Space.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">41.04. If Tenant does not exercise its option to lease the 2017 Expansion Space pursuant to this
Article&nbsp;41 or revokes its 2017 ES Acceptance Notice in accordance with Section&nbsp;41.02, then, except
as set forth in Section&nbsp;41.02, Tenant shall have no further rights and Landlord shall have no
further obligations under this Article&nbsp;41, and this Article&nbsp;41 shall thereafter be of no force and
effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">41.05. Notwithstanding anything to the contrary contained in this Article&nbsp;41, Tenant&#146;s right to add
the 2017 Expansion Space shall be personal to the named Tenant herein and/or any Permitted
Transferee of Tenant.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 42
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OFFER SPACE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.01. If during the term of this Lease any Offer Space shall become &#147;available&#148; (as such term is
hereinafter defined) and the Offer Notice for such Offer Space is delivered no later than February
1, 2023, then provided that (x)&nbsp;as of the date of Tenant&#146;s OS Notice, Tenant is not then in
monetary default or material non-monetary under this Lease beyond applicable notice and cure
periods, and (y)&nbsp;as of the date of Tenant&#146;s OS Notice, Tenant and/or its Permitted Transferees are
in occupancy of not less than eighty five (85%) percent of the rentable square footage of the
demised premises then leased by Tenant (the &#147;Offer Space Occupancy Test&#148;), Landlord shall give
Tenant notice (an &#147;Offer Notice&#148;), specifying (a)&nbsp;the location and rentable square footage of such
Offer Space, (b)&nbsp;the condition in which such Offer Space shall be delivered to Tenant, (c)
Landlord&#146;s proposed determination of the annual fair market rental value for such Offer Space
(&#147;Landlord&#146;s Offer Determination&#148;), (d)&nbsp;the date or estimated date that such offer space will be
delivered to Tenant in the condition required by this Lease (the &#147;Anticipated OS Inclusion Date&#148;)
and (e)&nbsp;any other relevant terms being offered by Landlord with respect to such space. The
foregoing right of Tenant is hereinafter referred to as the &#147;Tenant&#146;s Right of First Offer&#148;. In
addition, provided Tenant is not then in monetary default or material non-monetary under this Lease
beyond applicable notice and cure periods, Landlord shall, within the first sixty (60)&nbsp;days
following the beginning of each calendar year, deliver to Tenant a notice listing all Offer Space
that has become &#147;available&#148; since the delivery of the immediately preceding Offer Notice or
Landlord reasonably anticipates will become &#147;available&#148; within the following twelve (12)&nbsp;month
period. Each such annual notice by Landlord shall constitute an Offer Notice and include the
information described in clauses (a)&nbsp;through (e)&nbsp;above, and Tenant&#146;s Right of First Offer with
respect to any Offer Space identified in such Offer Notice shall
be subject to Tenant&#146;s satisfaction of the conditions set forth in this Section&nbsp;42.01. No Offer
Notice may be sent to Tenant more than eighteen (18)&nbsp;months in advance of the Anticipated OS
Inclusion Date.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#147;Offer Space&#148; means any space that becomes available on floors 4 through 11, inclusive (the &#147;Lower
Floor Stack&#148;), floor 21 and floor 27 of the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The term &#147;available&#148; shall mean, as to any Offer Space, that (A)&nbsp;such Offer Space is free of any
present or future possessory right now or hereafter existing in favor of any third party;
<U>provided</U>, that any space that is vacant on the date of this Lease shall not be deemed
available unless and until such space is first leased to another tenant and then again becomes
available, and (B)&nbsp;Tenant shall not, at any time during the preceding twelve (12)&nbsp;month period,
have declined (or been deemed to decline) a Right of First Offer to lease such Offer Space.
Anything to the contrary contained herein notwithstanding, Tenant&#146;s Right of First Offer is
subordinate to (x)&nbsp;any right of first offer, right of first refusal, expansion right or similar
right or option in favor of any third party existing as of the date of this Lease and (y)
Landlord&#146;s right to renew or extend the term of any lease to another tenant, whether or not
pursuant to an option or right set forth in such other tenant&#146;s lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.02 Within twenty (20)&nbsp;business days after receipt of the Offer Notice, including Landlord&#146;s
Offer Determination, time being of the essence, Tenant shall deliver a notice to Landlord (the
&#147;Tenant OS Notice&#148;) pursuant to which Tenant shall either (i)&nbsp;waive its right to exercise its Right
of First Offer with respect to the Offer Space, (ii)&nbsp;accept Landlord&#146;s offer with respect to all
(but not less than all, except as hereinafter provided) of the Offer Space and accept Landlord&#146;s
Offer Determination, or (iii)&nbsp;accept Landlord&#146;s offer with respect to all (but not less than all,
except as hereinafter provided) of the Offer Space but dispute Landlord&#146;s Offer Determination and
provide Landlord with Tenant&#146;s determination of the annual fair market rental value, including the
basis upon which such determination was made. Notwithstanding the foregoing, if the Offer Space is
located on multiple floors in the Lower Floor Stack, Tenant may exercise its Right of First Offer
on a floor-by-floor basis (for all the Available space on each applicable floor) provided that (x)
Tenant exercises its Right of First Offer with respect to the highest or lowest such Offer Space
floor and floors contiguous thereto, if any, and (y)&nbsp;Tenant shall not be permitted to exercise its
Right of First Offer with respect to any Offer Space floor that is not contiguous to a Portion of
the then demised premises unless Tenant shall also exercise its Right of First Offer with respect
to any Offer Space floor and floors that are contiguous to a portion of the then demised premises,
if any. If Tenant elects option (iii)&nbsp;above, then Landlord and Tenant shall, for a period of
thirty (30)&nbsp;days after Landlord&#146;s receipt of Tenant&#146;s determination, negotiate in good faith to
determine the annual fair market rental value and if Landlord and Tenant are unsuccessful in
reaching agreement within such thirty (30)&nbsp;days, either Landlord or Tenant may cause the dispute
over annual fair market rental value to be arbitrated as provided in Article&nbsp;39.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If Tenant accepts the offer and after the annual fair market rental value has been agreed to or
determined by arbitration, as the case may be, Landlord and Tenant shall
then enter into an additional space modification of this Lease incorporating such Offer Space in
this Lease with such changes as shall be necessary to modify the terms of this Lease relative to
such space, but the failure of the parties to enter into such amendment shall not nullify or
otherwise affect the validity of Tenant&#146;s exercise of the leasing of the Offer Space.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.03. The terms for the Offer Space shall be the same as those for the demised premises with the
Offer Space to be thereafter deemed part of the demised premises, except that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;basic annual rent shall be one hundred (100%) percent of fair market rental value (taking into
account any concessions set forth in the Offer Notice and all other then current relevant factors);
the Base Tax Year shall be the fiscal tax year in which the term of the Offer Space commences as
part of the demised premises, and the Base Operating Period shall be the calendar year in which the
term of the Offer Space commences as part of the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;the lease term for the Offer Space shall expire or terminate on the same date this Lease
expires or terminates, as the case may be;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;Tenant&#146;s Proportionate Share for Taxes, Operating Expenses and Cafeteria Rent shall be
appropriately adjusted to include the Offer Space; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Landlord shall have no obligation to perform any work, pay any contribution, provide free rent
or render any services to make the Offer Space ready for Tenant&#146;s use or occupancy, and Tenant
shall accept the Offer Space in its &#147;as-is&#148; condition subject to Landlord&#146;s obligation to deliver
the same in vacant and broom-clean condition except as provided in the Offer Notice; provided, that
any such concessions shall be prorated and reduced accordingly in the event that the period
commencing on the OS Inclusion Date through the Expiration Date (without taking into account any
unexercised renewal terms) shall be shorter than the lease term specified in the Offer Notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.04. If Tenant does not exercise its option to lease a particular Offer Space, Landlord may, for
a period of twelve (12)&nbsp;months after date on which Tenant declines or is deemed to have declined
its Right of First Offer to lease such space, offer such space for lease to any other person or
entity on the same or on different terms and conditions than those stated herein; provided,
however, (i)&nbsp;if Landlord has not so leased the particular Offer Space within such twelve (12)&nbsp;month
period, it shall again offer such space to Tenant pursuant to the terms of this Article&nbsp;42 prior to
leasing it to any third party, (ii)&nbsp;if Landlord desires to lease such space to a third party having
a &#147;net effective rental rate&#148; that is less than ninety-two and a half percent (92.5%) of the &#147;net
effective rental rate&#148; offered to Tenant, then Landlord shall once again offer the particular Offer
Space to Tenant pursuant to the terms of this Article&nbsp;42 prior to leasing it to any third party,
and (iii)&nbsp;if such Offer Space consists of one (1)&nbsp;full floor of the Building and Landlord desires
to lease to a third party one-half (1/2) or less of such floor, then Landlord shall first offer
such half or smaller portion of such floor to Tenant pursuant to
the terms of this Article&nbsp;42 prior to leasing it to any third party. Once a particular portion of
space has been offered to Tenant and declined, and Landlord leases such space to a third party for
a term that expires or terminates prior to the Expiration Date and such space shall be vacated by
the occupant thereof, Landlord shall again offer such Offer Space to Tenant upon such expiration or
termination upon the terms set forth in this Article&nbsp;42 prior to leasing, or offering to lease it
to a third party.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.05. If Landlord is unable to deliver possession of the Offer Space to Tenant for any reason on
or before the Anticipated OS Inclusion Date, the OS Inclusion Date shall be the date on which
Landlord is able to so deliver possession of the Offer Space in the condition required hereunder
and Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be
impaired; <U>provided</U>, that if Landlord shall fail to deliver the Offer Space on or before the
first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) anniversary of the Anticipated OS Inclusion Date, then Tenant, prior to the
date Landlord delivers possession to Tenant of the Offer Space, may revoke its Tenant OS Notice
upon not less than ten (10)&nbsp;days prior notice to Landlord (unless Landlord, prior to the expiration
of such ten (10)&nbsp;day period, delivers to Tenant the Offer Space); <U>provided</U>,
<U>further</U>, that Tenant&#146;s failure to revoke its Tenant OS Notice in respect of the Offer Space
within thirty (30)&nbsp;days following the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) anniversary of the Anticipated OS
Inclusion Date, <U>time being of the essence</U>, shall constitute a waiver by Tenant of its right
to revoke its Tenant OS Notice. If such Offer Space subsequently becomes available after Tenant
has elected to revoke its Tenant OS Notice with respect to such Offer Space, then Landlord shall
again offer such Offer Space to Tenant upon such Offer Space becoming available. This <U>Section
42.05</U> constitutes &#147;an express provision to the contrary&#148; within the meaning of Section 223(a)
of the New York Real Property Law and any other law of like import now or hereafter in effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.06 Notwithstanding anything to the contrary contained in this Article&nbsp;42, (i)&nbsp;Tenant&#146;s Right of
First Offer shall be personal to the named Tenant herein and/or any Permitted Transferee of Tenant,
and (ii)&nbsp;Tenant shall not be obligated to satisfy the Offer Space Occupancy Test as a condition to
the exercise of Tenant&#146;s Right of First Offer provided that (a)&nbsp;as of the date of Tenant&#146;s OS
Notice, Tenant shall be subleasing to a sublessee (together with any affiliates of such sublessee)
in accordance with the provisions of this Lease in excess of 190,000 rentable square feet of the
demised premises, (b)&nbsp;such sublessee shall have an aggregate net worth (computed in accordance with
GAAP) at least equal to seventeen and one-half (17<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) times the greater of (I)&nbsp;the average basic
rent payable per annum under this Lease for the term of the Offer Space and (II)&nbsp;the average basic
rent payable per annum under such sublease for the term of the Offer Space (each measured as of the
date of Tenant&#146;s OS Notice) (provided, that with respect to any proposed Service Industry
Transferee, in lieu of such required minimum net worth, the financial condition of such company
shall be reasonably satisfactory to Landlord), and (c)&nbsp;Tenant shall have an aggregate net worth
(computed in accordance with GAAP) at least equal to $200,000,000. The amount set forth above in
respect of the Tenant&#146;s required net worth shall be increased on January&nbsp;1, 2012 and on each
January 1 thereafter occurring during the term of this Lease (including the renewal term) to
equal the sum of (x) $200,000,000 plus (y)&nbsp;the product obtained by multiplying (i) $200,000,000 by
(ii)&nbsp;the percentage increase in the CPI in effect as of the applicable January 1 (i.e., as to which
such increase is being calculated) over the CPI as of December&nbsp;31, 2011.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">42.07 Notwithstanding anything to the contrary herein, Tenant&#146;s right to exercise the Right of
First Offer and Landlord&#146;s obligations to deliver the Offer Space shall be effective during the
entire term of this Lease, provided, however, in the event the Offer Notice is delivered after
February&nbsp;1, 2023, Tenant shall have the option, exercisable by written notice to Landlord within
twenty (20)&nbsp;days after Landlord&#146;s delivery of such Offer Notice, time being of the essence, either
to (i)&nbsp;exercise its option to renew the demised premises in accordance with Article&nbsp;39, in which
case the term of this Lease with respect to the Offer Space shall be co-terminus with the
Expiration Date, as extended, or (ii)&nbsp;lease the Offer Space for the term specified in the Offer
Notice. If Tenant shall fail to specify in such notice which option described in the immediately
preceding sentence Tenant elects, Tenant shall be deemed to have elected the option described in
clause (ii)&nbsp;of the immediately preceding sentence.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 43
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">TERMINATION OPTION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">43.01 Subject to the further provisions of this <U>Article&nbsp;43</U>, Tenant shall have the one-time
option to terminate the Lease with respect to either (i)&nbsp;the highest full floor leased by Tenant in
the Tower Floor Stack (the &#147;Highest Floor Termination Option&#148;), (ii)&nbsp;the lowest full floor leased
by Tenant in the Tower Floor Stack (the &#147;Lowest Floor Termination Option&#148;; the Highest Floor
Termination Option and the Lowest Floor Termination Option are each a &#147;Partial Termination
Option&#148;), or (iii)&nbsp;the entire demised premises (the &#147;Full Termination Option&#148;; the Partial
Termination Options and the Full Termination Option are collectively referred to herein as, the
&#147;Termination Option&#148;; the premises that are subject to the Termination Option, as applicable, the
&#147;Terminated Premises&#148;), in either case effective as of February&nbsp;1, 2024 (the &#147;Termination Date&#148;),
by delivering an irrevocable written notice of such election (the &#147;Termination Notice&#148;) to Landlord
on or before the date which is eighteen (18)&nbsp;months prior to the Termination Date, <U>time being
of the essence</U>. Any such Termination Notice shall include a statement whether Tenant is
electing to terminate this Lease pursuant to clause (i), (ii)&nbsp;or (iii)&nbsp;above, failing which such
notice shall not be an effective Termination Notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">43.02 Simultaneously with the giving of the Termination Notice, Tenant shall pay to Landlord a
payment (the &#147;<U>Termination Payment</U>&#148;) equal to the unamortized value, calculated as of the
date of payment of the Termination Payment, of the Transaction Costs incurred, on a per rentable
square foot basis, in connection with or otherwise allocable to the Terminated Premises, determined
by amortizing such costs on a monthly straight-line basis over the initial term of this Lease for
the Terminated Premises with interest thereon at a rate equal to eight (8%) percent per annum.
&#147;Transaction Costs&#148; mean (A)&nbsp;the Work Allowance, (B)&nbsp;the basic rent, Tax Payments, Operating
Payments and all other amounts that would have been payable, and were not actually paid, during the
Initial Rent Abatement Period and the Partial Rent Abatement Period (i.e., as a result of Tenant
being granted &#147;free rent&#148; hereunder) except for any portion of the Initial Rent Abatement Period
that is attributable to Landlord&#146;s failure to perform its obligations under Section&nbsp;31.01(b)(iv) or

</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Section&nbsp;31.05, and (C)&nbsp;the
brokerage commission(s) payable to Broker in connection with this Lease
and the transactions contemplated hereby, including, if applicable, any such amounts in respect of
Tenant&#146;s leasing of Expansion Space, 2017 Expansion Space or Offer Space. The Termination Payment
shall be calculated by Landlord, and, unless timely disputed by Tenant, shall be conclusive. At
any time during the term of this Lease, but in no event earlier than twenty four (24)&nbsp;months prior
to the Termination Date, Tenant may request an itemized calculation of what the Termination Payment
would be as of the Termination Date on a per rentable square foot basis. Following such written
request, Landlord shall within thirty (30)&nbsp;days provide its estimated calculation to Tenant with
appropriate supporting documentation. Tenant may dispute such calculation, and if the parties
cannot reach agreement with respect to the same within sixty (60)&nbsp;days, Tenant may submit such
dispute to arbitration pursuant to Article&nbsp;49 hereof. If Tenant timely gives the Termination
Notice and fails timely to pay the Termination Payment as required in this Section&nbsp;43.02, then
Tenant&#146;s exercise of the Termination Option shall be null and void and of no further force or
effect, the Lease shall continue in full force and effect as if the Termination Notice had never
been given.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">43.03 If Tenant timely exercises the Termination Option and timely pays the Termination Payment,
then on the Termination Date (i)&nbsp;the Lease shall terminate solely with respect to the Terminated
Premises (however, if the Terminated Premises shall constitute the entire demised premises, then
this Lease shall terminate in its entirety), provided that nothing contained herein shall
constitute a waiver of (a)&nbsp;Tenant&#146;s obligations under the Lease with respect to any portion of the
demised premises that shall not be part of the Terminated Premises, if applicable, (b)&nbsp;Tenant&#146;s
obligations which survive the termination of the Lease, or (c)&nbsp;Tenant&#146;s obligations which accrued
on or prior to the Termination Date, (ii)&nbsp;Tenant shall deliver to Landlord vacant possession of the
Terminated Premises subject to and in accordance with all applicable provisions of the Lease for
the delivery of the demised premises at the end of the Term, and (iii)&nbsp;basic rent, Tax Payments,
Operating Payments, Cafeteria Rent and all other additional rent shall be equitably apportioned and
paid to the appropriate party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">43.04 If Tenant fails to timely give the Termination Notice, then Tenant shall be deemed to have
waived its right to exercise the Termination Option and this Article&nbsp;43 shall be null and void and
of no further force and effect.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">43.05 Notwithstanding anything to the contrary contained in this Article&nbsp;43, Tenant&#146;s Termination
Option shall be personal to the named Tenant herein and/or any Permitted Transferee of Tenant.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 44
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ROOF RIGHTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.01. Subject to the requirements of this Article&nbsp;44, Tenant may install, maintain and operate, at
Tenant&#146;s sole cost and expense, telecommunications and wireless antennae, microwave dishes and
other communications equipment (collectively, the &#147;<U>Rooftop Equipment</U>&#148;) on the structures
therefor provided by Landlord on the roof of the Building and run cables therefrom into the demised
premises through up to four (4)&nbsp;inches of conduit space provided by Landlord in such locations as
Landlord may designate. The size of the Rooftop Equipment, and the location thereof on the
structure provided therefor on the roof of the Building, shall be subject to Landlord&#146;s reasonable
approval. Tenant shall not be required to pay Landlord any rent for the use of the roof. Tenant
acknowledges that: (i)&nbsp;Tenant&#146;s use of the roof of the Building is a non-exclusive use and Landlord
may permit any person or entity to use any other portion of the roof of the Building for any use;
(ii)&nbsp;the installation of the Rooftop Equipment shall be deemed to be a Tenant Alteration requiring
Landlord&#146;s approval in accordance with the applicable provisions of this Lease; (iii)&nbsp;if Landlord&#146;s
structural engineer recommends that there be structural reinforcement of the roof of the Building
in connection with the installation of the Rooftop Equipment, Landlord shall, prior to any
installation of the Rooftop Equipment, perform the same at Tenant&#146;s sole cost and expense in
accordance with plans and specifications approved by Landlord; (iv)&nbsp;without limiting the other
conditions set forth in this Article&nbsp;44, such installation (including, without limitation, any
structural reinforcements performed in connection therewith) shall be performed in compliance with
all of the provisions of Articles 3 and 32, and the other provisions of this Lease applicable to
Tenant Alterations; (v)&nbsp;Tenant, at Tenant&#146;s expense, shall comply with all Legal Requirements and
procure and maintain all necessary permits and approvals required therefor (Tenant hereby
acknowledging that Landlord is making no representations as to the permissibility of any Rooftop
Equipment on the roof of the Building by any governmental authority having jurisdiction thereof, it
being understood that Landlord shall, subject to reimbursement within 30&nbsp;days&#146; demand, for all
actual reasonable out-of-pocket expenses (including interest thereon at the Interest Rate from and
after such thirtieth (30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day until reimbursed), reasonably cooperate with Tenant in
connection with obtaining such permits (at no liability to Landlord), including, without
limitation, by executing and delivering to Tenant such applications, instruments and other
documents as Tenant may reasonably request in connection therewith; (vi)&nbsp;Tenant shall promptly
repair any damage (whether structural or non-structural) caused to the roof or any other portion of
the Building or its fixtures, equipment and appurtenances by reason of the installation,
maintenance or operation of the Rooftop Equipment (or, at Landlord&#146;s election, Landlord shall
perform such repairs and Tenant shall reimburse Landlord for the actual reasonable out-of-pocket
costs thereof within 30&nbsp;days after rendition of a bill therefor); (vii)&nbsp;the installation, operation
and maintenance of the Rooftop Equipment shall not interfere with the operation and maintenance of
any installations existing on the date Tenant installs the Rooftop Equipment; (viii)&nbsp;if Tenant&#146;s
installation, operation or maintenance of the Rooftop Equipment shall interfere with Landlord&#146;s
rights (including, without limitation,
Landlord&#146;s right to use the remainder of the roof of the Building for any purposes) or other
present or future tenants in the Building, Tenant shall cooperate, at no cost to Tenant, with
Landlord or such other tenants in eliminating such interference; provided that in cases where the
interference affects installations existing on the date Tenant installs the Rooftop Equipment the
cost of remedying such interference shall be borne by Tenant; and (ix)&nbsp;Tenant shall pay any
additional or increased insurance premiums incurred by Landlord, and shall obtain and pay for any
additional insurance coverage for the benefit of Landlord in such amount and of such type as
Landlord may reasonably require in connection with the Rooftop Equipment.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.02 If the installation, maintenance or operation of the Rooftop Equipment shall revoke, negate
or in any manner impair or limit any roof warranty or guaranty for the Building, then Tenant shall
reimburse Landlord for any loss or damage sustained or costs or expenses incurred by Landlord as a
result thereof. Subject to the terms of this Lease, Tenant shall remove the Rooftop Equipment upon
the expiration or earlier termination of this Lease and repair any damage to the roof of the
Building caused by the installation or removal of the Rooftop Equipment, all at Tenant&#146;s expense
(or, at Landlord&#146;s election, Landlord shall perform such repairs and Tenant shall reimburse
Landlord for the actual reasonable out-of-pocket costs thereof within 30&nbsp;days after rendition of a
bill therefor). Landlord shall have no liability to repair or maintain the Rooftop Equipment, nor
shall Landlord be liable for any damage to the Rooftop Equipment, except to the extent such damage
is caused by the negligence or willful misconduct of Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.03 For the purpose of installing, operating or maintaining the Rooftop Equipment, Tenant shall
have access to the roof of the Building at reasonable times upon reasonable notice to Landlord, and
Landlord shall have the right to require, as a condition to such access, that Tenant (or Tenant&#146;s
employee, Contractor or other representative) at all times be accompanied by a representative of
Landlord who Landlord shall make available upon reasonable notice, and Tenant agrees to pay
Landlord&#146;s actual reasonable out-of-pocket expenses incurred in making such representative
available.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.04 If any equipment installed on the rooftop by Landlord or any other tenant or occupant of the
Building subsequent to the installation of the Rooftop Equipment interferes with the proper
functioning of the Rooftop Equipment, Landlord shall arrange at no cost to Tenant, for such other
equipment to be relocated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.05 Landlord shall have the right, not more frequently than once per year (unless required by any
Legal Requirement), to relocate the Rooftop Equipment, at Landlord&#146;s sole cost and expense (or at
Tenant&#146;s sole cost and expense if the relocation shall be required due to the application of any
Legal Requirement or if due to the request of Tenant), to any other location on the roof of the
Building, such right to be exercisable by Landlord giving Tenant 30&nbsp;days prior notice thereof
(except in the case of emergency in which case Landlord shall give such notice as is reasonably
practicable). Tenant shall pay actual reasonable out-of-pocket costs incurred by Landlord in
connection with the
relocation of the Rooftop Equipment within 30&nbsp;days after rendition of a bill therefor. Tenant
shall not have the right to object to any new location of the Rooftop Equipment unless such new
location shall adversely affect Tenant&#146;s use of the Rooftop Equipment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.06 Landlord shall furnish, install, maintain and repair, at Tenant&#146;s sole cost and expense, a
submeter to measure electricity usage by the Rooftop Equipment, and Tenant shall pay all
electricity costs in connection with the use of the Rooftop Equipment in accordance with Article
30.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">44.07 Notwithstanding anything to the contrary contained in this Article&nbsp;44, Tenant&#146;s rights
contained in this Article&nbsp;44 shall be personal to the named Tenant herein and/or any Permitted
Transferee. Tenant shall not resell in any form the use of the Rooftop Equipment, including,
without limitation, the granting of any licensing or other rights.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 45
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RELOCATION RIGHT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">45.01 Landlord, from time to time during the term of this Lease but no more often than once in
every two (2)&nbsp;calendar year period, may elect by notice to Tenant to substitute for the Storage
Space other storage space in concourse &#147;level 1&#148; or &#147;level 2&#148; of the Building (such substituted
space, as the same may be further relocated from time to time in accordance with the provisions of
this Article&nbsp;45, the &#147;Substitute Storage Space&#148;) designated by Landlord, provided that the
Substitute Storage Space (i)&nbsp;contains no less than eighty-five percent (85%) and no greater than
one hundred fifteen percent (115%) of the rentable square footage of the Storage Space, (ii)&nbsp;is
vacant, broom-clean and in substantially the same condition as the Storage Space, (iii)&nbsp;is in
compliance in all material respects with Legal Requirements and free of asbestos, mold and lead,
and (iv)&nbsp;is serviced by substantially the same utilities serving the Storage Space. Landlord&#146;s
notice shall be accompanied by a plan of the Substitute Storage Space, and such notice or the plan
shall set forth the rentable square footage of the Substitute Storage Space. Tenant shall vacate
and surrender the Storage Space and shall occupy the Substitute Storage Space promptly (and, in any
event, not later than 15&nbsp;days) after Landlord has substantially completed the work to be performed
by Landlord in the Substitute Storage Space pursuant to Section&nbsp;45.02 below (such date, the
&#147;Relocation Date&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">45.02 Landlord shall have no liability to Tenant by reason of any such relocation, including,
without limitation, as a result of any inconvenience or interference with Tenant&#146;s business, but
Landlord shall, at Landlord&#146;s expense, do the following: (i)&nbsp;upon reasonable prior notice by
Tenant to Landlord, provide to Tenant personnel to perform under Tenant&#146;s direction the moving of
Tenant&#146;s personal property and movable trade fixtures from the Storage Space to the Substitute
Storage Space, (ii)&nbsp;within thirty (30)&nbsp;days after receipt of third party invoices therefor (which
in no event shall be submitted to Landlord more frequently than once per month), reimburse Tenant
for Tenant&#146;s actual and reasonable out-of-pocket costs incurred by Tenant in relocating its movable
personal property and movable trade fixtures from the Storage Space to the Substitute Storage
Space. Landlord and Tenant shall cooperate with each other so as to facilitate the performance by
Landlord of its obligations under this Section&nbsp;45.02 and the prompt surrender by Tenant of the
Storage Space.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">45.03 Tenant shall continue to observe and perform all of its obligations under this Lease
(including, without limitation, the obligation to pay basic rent and additional rent) with respect
to the Storage Space until the occurrence of the Relocation Date. In the event Landlord so elects
to relocate the Storage Space, then, as of the Relocation Date, (i)&nbsp;Tenant shall surrender the
Storage Space in the condition in which the Storage Space was initially delivered to Tenant,
ordinary wear and tear excepted, (ii)&nbsp;the Lease shall terminate with respect to such Storage Space
as if the applicable Relocation Date was originally set forth in the Lease as the expiration date
for such Storage Space, except with respect to any of Tenant&#146;s obligations which accrued on or
prior to the Relocation Date, (iii)&nbsp;Tenant shall pay the same basic rent and additional rent, if
any, with respect to the Substitute Storage Space as were payable with respect to the Storage
Space, but the same shall be adjusted proportionally on a per rentable square footage basis for the
period from and after the Relocation Date to account for any increase or decrease in the rentable
square footage from the Storage Space.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">45.04 If Tenant remains in possession of all or a portion of the Storage Space after the Relocation
Date, Section&nbsp;18.02 of this Lease shall apply to any such holdover and Tenant shall be obligated to
pay to Landlord monthly holdover rent with respect to the Storage Space in accordance with the
provisions thereof. The provisions of this Section&nbsp;45.04 shall be in addition to any other rights
and remedies Landlord may have at law or in equity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 46
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">INDEMNITY AND WAIVER OF CLAIMS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">46.01. (a)&nbsp;To the fullest extent permitted by Legal Requirements, except to the extent caused by
the gross negligence or willful misconduct of Landlord or any Landlord Related Parties (as
hereinafter defined), Tenant shall protect, defend, indemnify and hold Landlord and Landlord
Related Parties harmless against and from all liabilities, obligations, losses, damages, penalties,
claims, actions, costs, charges and expenses, including reasonable attorneys&#146; fees and other
professional fees (collectively, &#147;Losses&#148;), which may be imposed upon, incurred by or asserted
against Landlord or any of the Landlord Related Parties by any third party and arising out of or in
connection with (i)&nbsp;any work or thing done, or any condition created, in or about the demised
premises, (ii)&nbsp;any act, omission or negligence of Tenant or any person claiming through or under
Tenant or any of their respective direct or indirect members, partners, principals, trustees,
beneficiaries, directors, officers, agents, employees, Contractors, invitees or licensees
(collectively, &#147;Tenant Related Parties&#148;), (iii)&nbsp;any accident, injury or damage occurring in, at or
upon the demised premises, (iv)&nbsp;any default by Tenant in the performance of Tenant&#146;s obligations
under this Lease and (v)&nbsp;any brokerage commission or similar
compensation claimed to be due by reason of any proposed subletting or assignment by Tenant
(irrespective of the exercise by Landlord of its Recapture Right). To the fullest extent permitted
by Legal Requirements, Tenant hereby waives all claims against and releases Landlord and its direct
and indirect members, partners, principals, trustees, beneficiaries, shareholders, directors,
officers, agents, employees, mortgagees and property manager (collectively, the &#147;Landlord Related
Parties&#148;) from all claims for any injury to or death of persons, damage to property or business
loss in any manner related to (v)&nbsp;Force Majeure Events, (w)&nbsp;acts of third parties, (x)&nbsp;the bursting
or leaking of any tank, water closet, drain or other pipe, (y)&nbsp;the inadequacy or failure of any
security or protective services, personnel or equipment, or (z)&nbsp;any other matter whatsoever, except
to the extent caused by the willful misconduct of Landlord or any Landlord Related Parties.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Tenant shall have the right, at Tenant&#146;s own cost and expense, to participate in the
defense of any action or proceeding brought against Tenant, and in negotiations for settlement
thereof if, pursuant to this Section&nbsp;46.01, Tenant would be obligated to reimburse Landlord for
expenses, damages or fines incurred or suffered by Landlord; provided that Tenant shall be liable
to Landlord for any additional costs, expenses, liability or damage Landlord may incur as a result
of such participation and Tenant shall not settle any such action or proceeding which would impose
any liability on Landlord or impair of the value of the Building without Landlord&#146;s consent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">46.02. To the fullest extent permitted by Legal Requirements, except to the extent caused by the
negligence or willful misconduct of Tenant or any Tenant Related Parties, Landlord shall protect,
defend, indemnify and hold Tenant and Tenant Related Parties harmless against and from all Losses
which may be imposed upon, incurred by or asserted against Tenant or any of the Tenant Related
Parties by any third party and arising out of or in connection with (i)&nbsp;except to the extent of the
release of liability and waiver of subrogation provided in <U>Section&nbsp;7.06</U>, the negligence or
willful misconduct of Landlord or any Landlord Related Parties, and (ii)&nbsp;any default by Landlord in
the performance of Landlord&#146;s obligations under this Lease. The provisions of this Section&nbsp;46.02
shall only apply in the event the Landlord named herein is not a MetLife Affiliate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">46.03 The provisions of this Article&nbsp;46 shall expressly survive the expiration or earlier
termination of this Lease.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 47
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SUCCESSORS AND ASSIGNS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">47.01. The covenants, conditions and agreements contained in this Lease shall bind and inure to the
benefit of Landlord and Tenant and their respective heirs, distributees, executors, administrators,
successors, and, except as otherwise provided in this Lease, their permitted assigns.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 48
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">MISCELLANEOUS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.01 This Lease shall be interpreted and enforced in accordance with the Legal Requirements of the
state in which the Building is located and Landlord and Tenant hereby irrevocably consent to the
jurisdiction of such state and proper venue in the state and county where the Building is located.
If any term or provision of this Lease shall to any extent be void or unenforceable, the remainder
of this Lease shall not be affected. If there is more than one Tenant or if Tenant is comprised of
more than one party or entity, the obligations imposed upon Tenant shall be joint and several
obligations of all the parties and entities, and requests or demands from any one person or entity
comprising Tenant shall be deemed to have been made by all such persons or entities. Notices to
any one person or entity shall be deemed to have been given to all persons and entities. Tenant
represents and warrants to Landlord that each such individual executing this Lease on behalf of
Tenant is authorized to execute this Lease on behalf of Tenant. Landlord represents and warrants
to Tenant that each individual executing this Lease on behalf of Landlord is authorized to execute
this Lease on behalf of Landlord. Tenant represents to Landlord that that Tenant is not (i)&nbsp;in
violation of any Legal Requirements relating to terrorism or money laundering, or (ii)&nbsp;among the
entities or groups identified on any list compiled pursuant to Executive Order 13224 for the
purpose of identifying suspected terrorists or on the most current list published by the U.S.
Treasury Department Office of Foreign Assets Control at its official website, , or any replacement
website or other replacement official publication of such list, or (iii)&nbsp;acting directly or
indirectly on behalf of any such individual, entity or group. Landlord represents to Tenant that
that Landlord is not (i)&nbsp;in violation of any Legal Requirements relating to terrorism or money
laundering, or (ii)&nbsp;among the entities or groups identified on any list compiled pursuant to
Executive Order 13224 for the purpose of identifying suspected terrorists or on the most current
list published by the U.S. Treasury Department Office of Foreign Assets Control at its official
website, , or any replacement website or other replacement official publication of such list, or
(iii)&nbsp;acting directly or indirectly on behalf of any such individual, entity or group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.02 If either party institutes a suit against the other for violation of or to enforce any
covenant, term or condition of this Lease, the prevailing party shall be entitled to reimbursement
of all of its costs and expenses, including reasonable attorneys&#146; fees. No party will seek to
consolidate any such action in which a jury has been waived with any other action in which a jury
trial cannot or has not been waived. Either party&#146;s failure to declare a default immediately upon
its occurrence, or delay in taking action for a default, shall not constitute a waiver of the
default, nor shall it constitute an estoppel. The provisions of this Section&nbsp;48.02 shall expressly
survive the expiration or earlier termination of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.03 Time is of the essence with respect to Tenant&#146;s exercise of any expansion, right of first
refusal, right of first offer, renewal, extension, or termination rights granted to Tenant. Except
as otherwise provided in this Lease, the expiration of the term hereof, whether by lapse of time,
termination or otherwise, shall not relieve either party of any
obligations which accrued prior to or which may continue to accrue after the expiration or
termination of this Lease.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.04 This Lease does not grant any rights to light or air over or about the Building. Landlord
accepts and reserves exclusively to itself any and all rights not specifically granted to Tenant
under this Lease. This Lease constitutes the entire agreement between the parties and supersedes
all prior agreements and understandings related to the demised premises, including all lease
proposals, letters of intent and other documents. Neither party is relying upon any warranty,
statement or representation not contained in this Lease. This Lease may be modified only by a
written agreement signed and delivered by an authorized representative of Landlord and Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.05 Within 10 business days after request by Landlord, Tenant shall deliver to Landlord, such
financial statements of Tenant as may be reasonably required by Landlord in connection with any
actual or proposed financing, refinancing, investment or sale of the Building or any direct or
indirect interests in Landlord. Such statements shall include the past three years&#146; financial
statements of Tenant, if Tenant has been in existence that long. Landlord may provide a copy of
such financial statements to prospective lenders or purchasers in connection with proposed sales,
investments, financing or refinancing of the Building or any direct or indirect interests in
Landlord provided such persons or entities are advised of the confidential nature of such
information and agree not to disclose such information. Landlord agrees that such financial
statements shall be used only for the purposes herein set forth, and to maintain as confidential
(in accordance with the terms of a confidentiality agreement in the form attached hereto as Exhibit
CA) such financial statements that Tenant furnishes to Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.06 Article captions in this Lease are inserted only as a matter of convenience and in no way
define, limit, construe, or describe the scope or intent of such Articles. Wherever the term
&#147;including&#148; or &#147;includes&#148; is used in this Lease, it shall have the same meaning as if followed by
the phrase &#147;but not limited to&#148;. The language in all parts of this Lease shall be construed
according to its normal and usual meaning and not strictly for or against either Landlord or
Tenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.07 This Lease may be executed in several counterparts, each of which shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.08 For purposes of determining Tenant&#146;s compliance with the occupancy requirements of Articles
27, 39, 40, 41 and 42 of this Lease: (a)&nbsp;none of the following shall be deemed to constitute a
failure to be in &#147;occupancy&#148; of the demised premises (or any Portion thereof) by Tenant or any
Permitted Transferee: (i)&nbsp;temporary vacancies of the demised premises (or any Portion thereof) by
reason of repairs, restoration, alterations and improvements, or work projects that require persons
to temporarily relocate out of the demised premises (or any Portion thereof), or (ii)&nbsp;vacancies of
the demised premises (or any Portion thereof) resulting from casualty, condemnation, interruption
or unavailability of services, Force Majeure Events or requirements of
Landlord, and (b)&nbsp;Tenant shall in all events be deemed to be in &#147;occupancy&#148; of an applicable
Portion of the demised premises during the period between the delivery of such Portion of the
demised premises to Tenant by Landlord and the earlier of (x)&nbsp;the date that Tenant commences its
initial use and occupancy of such Portion of the demised premises for purposes of conducting its
business therein, and (y)&nbsp;one (1)&nbsp;year following such delivery.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.09 Landlord and Tenant each agree that, except as provided below, neither it, nor any of its
agents (including, Landlord&#146;s Related Parties and Tenant Related Parties) shall, without the prior
written consent of the other party in each instance, use in advertising or publicity relating to
this Lease, the name of the other party (or the name of any affiliate of the other party, or any
the other party&#146;s or its affiliates&#146; respective direct or indirect members, partners, principals,
trustees, beneficiaries, shareholders, directors, officers, agents, employees or, with respect to
Landlord, property manager, or any trade name, trademark, trade device, service mark, symbol or any
abbreviation, contraction or simulation thereof of the other party). In the event that either
party or its agents shall make any such use of the other party&#146;s name (or the name of any affiliate
of the other party, or any the other party&#146;s or its affiliates&#146; respective direct or indirect
members, partners, principals, trustees, beneficiaries, shareholders, directors, officers, agents,
employees or, with respect to Landlord, property manager), as aforesaid, and such other party
notifies the party using such name that it finds such use objectionable in any manner, then the
non-objecting party shall immediately thereafter cease (and/or cause its agents to cease, as
applicable) using such name in the manner as to which such objection has been made. Subject to
Section&nbsp;48.11 below, nothing contained in this paragraph shall be deemed to prevent Landlord and
Tenant (and their respective agents) from disclosing the fact that this Lease exists and Tenant is
a tenant of the Building. This provision shall survive termination of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.10 Each of Landlord and Tenant agrees that it shall not (except as permitted below) disclose the
financial terms of this Lease (including, without limitation, the amount of the rent and the amount
of the Work Allowance) to any other person or entity without the prior written consent of the other
party. Notwithstanding the foregoing, either party may, without the consent of the other, disclose
the financial terms of this Lease to: (a)&nbsp;its respective partners, principals, officers, directors,
members, managers, employees, brokers, consultants and advisors, and, in the case of Landlord, any
existing or prospective mortgagees, ground lessors, investors and/or purchasers of all or any
portion of the Building or Land, provided (in each case) that such persons and entities are advised
of the obligation not to disclose such information and agree not to disclose such information, (b)
the extent required by Legal Requirements (including any valid subpoena or any order of a court of
competent jurisdiction), (c)&nbsp;any person or entity to the extent reasonably deemed necessary by a
party in order to enforce and/or exercise its rights or remedies under this Lease, or to defend
itself in connection with any claim, demand, suit or proceeding in connection with this Lease or
the Land, or (d)&nbsp;a governmental authority to the extent legally required to be disclosed in
connection with the pursuit of benefits pursuant to Section&nbsp;28.10 of the Lease. This provision
shall survive the termination of this Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.11 All press releases issued concurrently herewith or at any time hereafter concerning
Landlord&#146;s and Tenant&#146;s execution of this Lease, the duration of the term, the size of the demised
premises, the location of the demised premises, and the individuals involved in the negotiation and
execution of this Lease shall be subject to the prior written approval of both Landlord and Tenant.
The terms of this paragraph shall not apply to the execution, delivery and/or recordation of the
memorandum of lease described in Section&nbsp;48.12 of this Lease or the subordination non-disturbance
agreement described in Section&nbsp;6 of this Lease.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.12 This Lease shall not be recorded; however, at either Landlord&#146;s or Tenant&#146;s request, Landlord
and Tenant shall promptly execute, acknowledge and deliver a memorandum with respect to this Lease.
Within ten (10)&nbsp;days after the end of the term, Tenant shall enter into such documentation as is
reasonably required by Landlord to remove the memorandum of record.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">48.13 Landlord shall provide to Tenant with respect to any non-scheduled additional rent in
connection with services, work or materials provided by third parties, an invoice with reasonably
and appropriately detailed backup information showing the calculation of the charge.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 49
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARBITRATION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">49.01 Except in the event a party is seeking emergency judicial relief in order to protect its
rights under this Lease, disputes between Landlord and Tenant with respect to (i)&nbsp;Landlord&#146;s
reasonableness in withholding consent to a proposed assignment, sublease or alteration, (ii)
Tenant&#146;s right to receive any portion of the Work Allowance or offset against rent amounts that
Tenant claims are owed to Tenant pursuant to Article&nbsp;50, or (iii)&nbsp;Landlord&#146;s reasonableness in
approving the financial condition of any Service Industry Transferee, shall be determined by
arbitration pursuant to this Article&nbsp;49 upon the request of either Landlord or Tenant. Either
party may submit the dispute for resolution by giving written notice to that effect to the other
party, specifying in said notice in reasonable detail the nature of the dispute and designating one
(1)&nbsp;of the Qualified Arbitrators. Within fifteen (15)&nbsp;days after such notice is given, the other
party shall designate one (1)&nbsp;of the Qualified Arbitrators by written notice given to the party
requesting arbitration. The two (2)&nbsp;designated arbitrators shall promptly select a third
arbitrator, who shall also be a Qualified Arbitrator. The dispute shall be resolved by the third
arbitrator, who shall be deemed the presiding arbitrator. For purposes of this Article&nbsp;49, the
defined term Qualified Arbitrator (as defined in Article&nbsp;39) shall be modified such that the
arbitrator is a real estate attorney, not a broker. The third arbitrator shall promptly conduct
such evidentiary hearings as he/she deems appropriate, all in accordance with the then prevailing
Streamlined Arbitration Rules and Procedures of JAMS for arbitration of commercial disputes and
applicable New York
law. The decision of the third arbitrator shall be binding and conclusive upon the parties. The
third arbitrator shall have no power to modify the provisions of this Lease. If a party shall fail
or refuse to designate an arbitrator within the time provided above, then such arbitrator shall be
appointed by JAMS. If the two (2)&nbsp;arbitrators designated as set forth above shall fail to
designate a third arbitrator within five (5)&nbsp;days after the appointment of the second of them, then
such third arbitrator shall be appointed by JAMS. The award in such arbitration may be enforced,
on the application of either party thereto, by the order or judgment of a court of competent
jurisdiction. The fees and expenses of the third arbitrator shall be borne by the parties equally,
but each party shall bear the expense of the arbitrator appointed by it, the expense of its own
attorneys and experts and the additional expenses of presenting its own proof. The third
arbitrator shall not be entitled to award monetary damages.
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">49.02 Notwithstanding anything to the contrary in this Lease, any dispute between Landlord and
Tenant which is expressly provided under this Lease to be resolved pursuant to Section&nbsp;49.01 and
involves a monetary issue shall be resolved utilizing the &#147;baseball&#148; method of arbitration whereby
each party submits, in a sealed envelope, to the third arbitrator appointed pursuant to Article&nbsp;49,
its final and best determination within ten (10)&nbsp;days following the initiation of the arbitration
by a party and the third arbitrator shall select, within five (5)&nbsp;days following the expiration of
the ten (10)&nbsp;day period, either the Landlord&#146;s or Tenant&#146;s final and best determination, whichever
is closer to the arbitrator&#146;s determination. If a party fails to submit its determination within
the aforesaid ten (10)&nbsp;day period, the third arbitrator shall decide in favor of the party that
submitted its determination.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">49.03 No dispute relating to this Lease or the relationship of Landlord and Tenant under this Lease
shall be resolved by arbitration unless this Lease expressly provides for such dispute to be
resolved by arbitration.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 50
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">TENANT&#146;S OFFSET RIGHT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">50.01 Any portion of the Work Allowance payable by Landlord to Tenant or expense incurred by Tenant
in exercising its self-help rights expressly provided in Section&nbsp;4.01(a) which expense is
reimbursable by Landlord to Tenant, in either case which is not paid when due hereunder shall
accrue interest at the Prime Rate from the date that is thirty (30)&nbsp;days following Tenant&#146;s written
notice to Landlord of such non-payment until payment is received by Tenant. Landlord and Tenant
further agree that if Tenant shall deliver to Landlord a written notice claiming that Landlord
failed to pay any amount required to be paid by Landlord to Tenant pursuant to this Lease within
the time periods prescribed herein for such payment, then Landlord may at any time following
receipt of such notice initiate an arbitration proceeding as described in Article&nbsp;49 with respect
to such claim by Tenant. If it is finally determined pursuant to such arbitration proceeding that
Tenant is entitled to payment from Landlord for any amount that Landlord failed to pay Tenant
pursuant to this Lease within the time periods prescribed herein, and
Landlord shall fail to pay such amount to Tenant within thirty (30)&nbsp;days after such final
determination, then such unpaid amount may be offset against the next installment of basic rent and
recurring additional rent and other amounts then due Landlord hereunder until such unpaid amounts
have been either fully offset or paid by Landlord. The foregoing terms shall be binding upon any
purchaser or transferee of the Land and/or the Building (and any successor to Landlord&#146;s interest
in this Lease) regardless of whether the same relate to matters occurring prior to such purchase or
transfer, and upon any mortgagee or ground lessor, regardless of whether the same relate to matters
occurring prior to the date of the mortgage or ground lease (as applicable) of such mortgagee or
ground Lessor, or prior to the date of the exercise or enforcement of any rights or remedies
thereunder or in any way relating thereto (including any foreclosure or deed in lieu of
foreclosure).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 51
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">INTERRUPTION OF SERVICES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">51.01 If, as a result of a Material Building Services Failure (as hereinafter defined) or a failure
by Landlord to perform its Article&nbsp;4 Obligations, the demised premises or any Portion thereof
become Untenantable (as hereinafter defined) and such Untenantability continues for more than seven
(7)&nbsp;consecutive business days (which seven (7)&nbsp;consecutive business day period shall be extended up
to sixty (60)&nbsp;days for Force Majeure Events), then basic rent, Tax Payments, Operating Expense
Payments, Cafeteria Rent, and recurring chilled water and back emergency power charges shall
thereafter abate with respect to the demised premises or the Portion thereof that is rendered
Untenantable as a result of such Material Building Services Failure or failure to perform any
Article&nbsp;4 Obligations from the expiration of said seven (7)&nbsp;business day period until the demised
premises or such Portion thereof is no longer Untenantable. Landlord agrees to use reasonable
efforts to correct any Untenantability of the demised premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">51.02 If any period of Untenantability resulting from a Material Building Services Failure, or
resulting from a failure by Landlord to perform its Article&nbsp;4 Obligations affects a Portion of the
demised premises which, when so rendered Untenantable, renders Tenant unable to conduct its
business in fifty percent (50%) or more of the remainder of the demised premises for its normal
business operations (for example, but not by way of limitation, if the Untenantable areas are the
floor(s) on which Tenant&#146;s primary computer equipment and/or data center are located) (such other
Portions affected, the &#147;Impacted Areas&#148;), and Tenant shall actually not be occupying the Portions
that are Untenantable and the Impacted Areas, and such period of vacancy continues for more than
two hundred seventy (270)&nbsp;consecutive days (subject to extensions of up to sixty (60)&nbsp;days in the
aggregate for Force Majeure Events), then Tenant shall have the right (during the period such
Untenantability persists and the Impacted Areas are so affected beyond the foregoing two hundred
seventy (270)&nbsp;consecutive day period (subject to extension for Force Majeure Events as provided
above)), to terminate this Lease in its
entirety, which termination shall be effective thirty (30)&nbsp;days following delivery of such notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">51.03 For purposes of Articles 8, 9 and 51 hereof, &#147;Untenantable&#148; and &#147;Untenantability&#148; means with
respect to the demised premises (or any Portion thereof), that Tenant shall be unable to use the
demised premises or such Portion for the conduct of Tenant&#146;s business in the manner in which such
business is ordinarily conducted in the demised premises or such Portion thereof, and Tenant in
fact is not occupying the demised premises or such Portion thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">51.04 For purposes of this Article&nbsp;51, &#147;Material Building Service Failure&#148; shall mean any
interruption, failure, decrease or impairment of any of the material Building Services required to
be provided in accordance with the terms and provisions of this Lease (including Article&nbsp;27) for
any reason whatsoever other than (i)&nbsp;any act or omission of any Tenant Related Party or a third
party, or (ii)&nbsp;the occurrence of a Casualty or a taking.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->119<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ARTICLE 52
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REPRESENTATIONS AND WARRANTIES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">53.01 Landlord represents and warrants to Tenant as of the date hereof as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Landlord possesses all requisite right, power and authority to enter into this Lease and
perform its obligations hereunder;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Landlord&#146;s execution of this Lease and performance of its obligations hereunder do not
violate any agreements by which Landlord or the Land are bound; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(c)&nbsp;Landlord is the fee owner of the Land.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">53.02 Tenant represents and warrants to Landlord as of the date hereof as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Tenant possesses all requisite right, title and authority to enter into this Lease and
perform its obligations hereunder; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Tenant&#146;s execution of this Lease and performance of its obligations hereunder do not
violate any agreements by which Tenant is bound.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;No further text on this page.&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->120<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, Landlord and Tenant have respectively executed this Lease as of the day
and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Landlord:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><B>85 BROAD STREET LLC,</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Delaware limited liability company</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">85 Broad Street Mezzanine LLC,<BR>
its sole member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Metropolitan Life Insurance Company,<BR>
its sole member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/S/ David V. Politano</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: David V. Politano <br>
Title: Managing Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Tenant:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><B>VINER FINANCE INC.,</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Delaware corporation</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">/S/ Albert G. Lowenthal</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Name: Albert G. Lowenthal</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Title: Chief Executive Office</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Lease&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SCHEDULE I
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BASIC ANNUAL RENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2013 to and including January&nbsp;31, 2018:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Annum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Month</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UPS Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,524.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,460.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Storage Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,319.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,776.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,274,239.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106,186.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,269,482.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105,790.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">22nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,698,620.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,551.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,689,820.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,818.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,689,776.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,814.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,753,695.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">146,141.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,745,460.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">145,455.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2018 to and including January&nbsp;31, 2023:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Annum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Month</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UPS Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,892.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,324.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Storage Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,071.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,089.31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,426,387.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,865.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,421,062.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,421.88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">22nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,853,040.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">154,420.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,843,440.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,620.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,843,392.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,616.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,909,579.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159,131.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,900,612.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">158,384.33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2023 to the Expiration Date:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Annum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Per Month</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UPS Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74,260.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,188.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Storage Space</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112,823.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,401.98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,578,535.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,544.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,572,642.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,053.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">22nd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,007,460.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,288.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23rd floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,997,060.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,421.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,997,008.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,417.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,065,463.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">172,121.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26th floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,055,764.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">171,313.67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is the parties&#146; intention that the above rent-bumps occur every five years.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SCHEDULE II
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CAFETERIA RENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Rental Value of Building Cafeteria</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2013 to and including January&nbsp;31, 2018 (&#147;Period One&#148;): 13,922 sf x
$25.00/sf = $348,050.00
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2018 to and including January&nbsp;31, 2023 (&#147;Period Two&#148;): 13,922 sf x
$29.00/sf = $403,738.00
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">From and after February&nbsp;1, 2023 to the Expiration Date (&#147;Period Three&#148;): 13,922 sf x $33.00/sf =
$459,426.00
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Tenant&#146;s Proportionate Share of Cafeteria Rent</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Period One: 25.01% x $348,050 = $87,047.31 per annum ($7,253.94 per month)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Period Two: 25.01% x $403,738 = $100,974.87 per annum ($8,414.57 per month)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Period Three: 25.01% x $459,426 = $114,902.44 per annum ($9,575.20 per month)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>If Tenant shall extend the term of this Lease for the renewal term, the rental value of the
Building Cafeteria per square foot shall continue to increase by $4.00/sf every five years,
commencing as of the first day of the renewal term, and Tenant shall continue to pay Tenant&#146;s
Proportionate Share of Cafeteria Rent during the renewal term calculated on the basis of such
increase in the rental value of the Building Cafeteria.</B>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT A-1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FLOOR PLANS (Office Space)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT A-2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FLOOR PLANS (Storage Space)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT AD
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Access Door
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT AR
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">ALTERATION RULES AND REGULATIONS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BUILDING ALTERATIONS AT</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>85 BROAD STREET</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standards, Specifications &#038; Guidelines</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revised July&nbsp;11, 2011</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;VIII &#151; 3

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1. <B>Introduction</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2. <B>Tenant/Contract Responsibilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3. <B>Insurance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4. <B>Standards</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5. <B>Building Specifications</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Appendix&nbsp;A: Waste Tracking Worksheet (WTW)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Appendix&nbsp;B: Sample Certificate of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;VIII &#151; 4

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Section&nbsp;1: Introduction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Introduction</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This section highlights some of the important components of the pre-construction design and review
process that should be addressed early in the process to avoid unnecessary delays. Many of these
responsibilities are normally delegated by the Tenant to their Architect or Engineer (s). They in
turn work with an expeditor to obtain the necessary city permits, sign-offs, etc.<BR>
<BR>

Many potential problems that can occur during both the design and construction portion of a project
can be avoided when the Tenant and their design/construction team review these standards together,
and attend the initial project kick-off meeting with the Landlord&#146;s representatives.
<BR>
<BR>
We look forward to working with you.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Management Team at 85 Broad Street</B>
</DIV> <DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;VIII &#151; 5

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Project Review Process</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Tenant should send the Property Manager a letter describing the scope of proposed work for the
demised space prior to beginning any alterations. The letter should also include the Tenant&#146;s
architect and engineering firms, contact names and phone numbers of the company&#146;s that have been
retained to develop drawings, specifications and oversee the entire project.<BR>
<BR>

The Tenant is responsible for hiring a licensed architect and/or licensed engineer(s) to provide
the appropriate design and construction documents. It is imperative that the Tenant mandates these
professionals to actually visit the site and perform a field survey of the demised space. These
inspections are often critical to the success of the project and the Tenant should be sure that
they are part of the consultant&#146;s scope of work. Subject to the terms of the Lease, the Landlord
will not make final Tenant Improvement payments until the work is completed and all sign-offs are
obtained, Landlord requires the following information in order to complete the review process and
approve/disapprove the initiation of any construction work:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A letter requesting the alteration. If you are a sub-tenant, the letter must be
accompanied with a letter from the primary tenant allowing your firm to proceed with any
alterations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Three sets of drawings and specifications signed and sealed by the architect &#038; or engineer.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A copy of the applications to the various local agencies that must review and approve the
drawings. Tenant must use the Building&#146;s expediting firm that can be found in the building
specific section.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">An original copy of the architect/engineering firm&#146;s Errors &#038; Omissions and Certificate of
Insurance. A copy of the same should be forwarded of the General Contractor and all
subcontractors when these firms have been decided.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Intentionally Omitted.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Retail and Restaurant Tenants should provide a sample of material boards, schematic design
drawings, signage and display window information.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Restaurant Tenants should also include estimates of water and steam usage.</DIV></TD>
</TR>


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 6
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Section&nbsp;2:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Tenant/Contractor</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Responsibilities</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Tenant Responsibilities</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Tenant is responsible for all damages caused by the Tenant&#146;s contractors to the Landlord&#146;s
property and the property of adjoining tenants. Landlord&#146;s property must be restored to the
Landlord&#146;s satisfaction or the Landlord will be reimbursed for all costs related to restoring
property to its original condition.
<BR>
<BR>
If additional or special cleaning services are needed in any public area due to the Tenant&#146;s
construction work, the Tenant will be notified of this need and will be charged for it accordingly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 Landlord&#146;s Rights, Compliance with Applicable Laws &#038; Lease Provisions</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenants are responsible for compliance with all applicable laws
affecting their premises, including but not limited to Local Laws 5, 16, and
58. All alterations within their premises must comply with New York City Codes
and Regulations of all the agencies that have jurisdiction and with the
Americans with Disabilities Act.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The drawings and specifications will be reviewed by the Landlord only to
ascertain compatibility with the building&#146;s design, structural and appropriate
systems (i.e. electrical, mechanical, plumbing, life safety).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">These requirements do not in any way alter the terms and provisions of
the lease, and the Landlord reserves the right to withhold its consent or
approval notwithstanding compliance to these guidelines.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord reserves the right to add to or modify any standards,
specifications and guidelines.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If the project is to be completed in multiple phases, the Tenant shall
not permit work to begin within the next phase until the Landlord has reviewed
all the appropriate drawings and other documentation and granted approval to
begin the following phase.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenant&#146;s contractor is expected to follow all the building&#146;s rules
and regulations. Any contractor or their employee who does not follow these
policies will be requested to leave the building and will not be permitted
access to the building henceforth.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At the completion of the project, all Building Department, Fire
Department, etc. sign-offs and As-Built drawings (both hardcopy and on AutoCAD
format) are to be submitted to the Property Manager.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 7

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Beginning of Construction</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A copy of all the following documents must be submitted to the Landlord (and accompanied with a
transmittal letter detailing all documents that are being submitted) BEFORE any alteration work may
begin:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Original drawings that have been reviewed, approved and stamped by a licensed
architectural/engineering firm.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of all permits and approvals from the agencies that have jurisdiction including but
not limited to:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the electrical permit with form A433R filed by the electrical contractor and
approved by the Fire Department for fire alarm alterations.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the NYC Department of Buildings approved drawings.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the approved PW-1 form for plumbing, mechanical, partition, sprinkler, or fire
alarm alteration work.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the approved TR-1 forms for partitions, fire stopping, air conditioning, etc.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the ACP-5, ACP-7 or ACP-9 form (whichever is applicable).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the construction permit.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the plumbing permit, if applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the sprinkler hydraulic calculation and permits, if applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the air conditioning permit, if applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">An authorization letter of the individuals who may order additional services on behalf of the Tenant (i.e. freight
elevator reservations, additional cleaning).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certificate of Insurance for all those firms that represent the Tenant and will be performing work in the building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A contact list of all firms who are working on behalf of the Tenant that should include company name, trade, contact
person(s), phone numbers and emergency phone numbers. Landlord must approve all General and Subcontractors who are
intended to work in the building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A project schedule indicating the proposed time frame for the various work stages to begin and be completed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A list of those persons who are authorized to order additional services from the Landlord (e.g., freight reservations,
additional cleaning, etc.) on behalf of the Tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The day, time and location where construction meetings will be held so that the Landlord&#146;s representative may attend
the meetings and monitor the progress of the job.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>MSDS sheets for adhesives, paint, etc. that may affect indoor air quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 8

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>3. Post Construction</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All the below information must be submitted to the Landlord (along with transmittals for each) at
the completion of each project:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Two (2)&nbsp;sets of As-Built blueprints and shop drawings (1 blue line and 1 Sepia).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the air/water balancing report.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copies of all the required sign-off letter(s) for all work filed under the PW-1 and TR-1
forms.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copy of the Bureau of Electrical Department sign-off letter.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Copies of any Equipment Use Permits.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Two (2)&nbsp;copies disks that contain the updated AutoCAD As-Built conditions for all trade
work in layered format.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Final lien waivers for all trades on the project.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 9

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Contractor and Subcontractor Responsibilities</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General Construction Rules and Responsibilities</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">85 Broad Street is a Class&nbsp;A building and has agreements with various unions. Therefore,
in an effort to maintain harmony within the facility, all of the Tenant&#146;s contractors shall
be members in good standing with local unions from each of the various trade organizations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All Tenant improvements must first be reviewed by the Landlord and receive approval
before any alterations are performed. Submitted documents should include all appropriate
catalog cuts of intended equipment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After the Landlord has approved the documents, plans must be filed with the New York City
agencies that have jurisdiction by the Building&#146;s Code Consultant/ Expediter (see Building
Specific section for company and contact person) at the Tenant&#146;s expense and thereafter, a
copy of all permits, NYC approved perforated drawings and approved applications should be
submitted to the Landlord prior to the commencement of any work.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Review by the Landlord is only to ascertain compatibility with the building&#146;s design,
structure and systems. The review process and Landlord&#146;s consent is not to be construed as
representation by RANY and/or its affiliates as to propriety or legality of design for
intended function. All design work and contracted documents prepared by the Tenant or its
consultants shall be subject to compliance with all applicable laws, regulations and the
City of New York Buildings Department and Fire Department codes. The compliance is the
responsibility of the Tenant&#146;s licensed professional architect and/or engineer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Both General Contractor and all Subcontractors shall comply with the requirements that
are listed within this manual. Noncompliance with any of these rules may and can require
the Landlord to prevent the firm access into the building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provided construction cost is not materially higher as a result thereof, any construction
inside the building or on site (including retrofits, renovations or modifications), the
design and contracting documents will include a requirement that all construction waste
including demolition waste be classified by the type of material and by weight (i.e. Wood,
Metal, Gypsum, Concrete, Residual). Provided construction, renovation or repair cost is not
materially higher as a result<U>,</U> <U>a</U> minimum of 75% (by weight) of construction
waste will be recycled and/or salvaged. The recyclables can be either separated on site in
separate bins or can be separated offsite at a receiving station, documentation must be
submitted to confirm which approach is being taken and where applicable, provide contact
information.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">General Contractor is required to submit documentation of exact amounts of waste removed
from the job site and the amount of recyclables contained and removed from the load,
including waste generated by all Subcontractors. All documentation must be submitted to the
Agent for review on an ongoing basis
throughout construction, not just at completion. <B>See Exhibit&nbsp;A: Waste Tracking Worksheet
(WTW) </B>to be completed and submitted.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 10

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All demolition/construction work that produces excessive noise, or generates particulates
or odor is permitted only after 6:00 PM and will cease by 7:00 AM Monday through Friday.
These activities include partition demolition, fastening studs, chopping, core drilling,
etc. The Landlord reserves the right to direct the contractor and/or subcontractor to cease
this activity if such activity is disturbing other tenants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Regularly scheduled meetings between the Tenant&#146;s representative, General Contractor and
the Landlord&#146;s representative should be established to afford the opportunity to discuss any
issues that need to be addressed as well as review the project&#146;s progress and remaining
schedule.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Requests for freight reservations, overtime HVAC, etc. will only be honored after the
Tenant submits a list of those individuals who are authorized to order such services on
behalf of the Tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All construction materials are to be brought to the job in proper containers and must be
stored in the Tenant&#146;s work area. No materials are to be stored in the public areas (i.e.
freight lobby, core closets, public corridors, etc.).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All spaces outside the construction area (especially common hallways and stairwells on
multi-tenant floors) shall be kept safe and clean and shall be regularly policed by the
Tenant&#146;s General Contractor. All items that are found unacceptable shall be resolved
immediately.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Landlord reserves the right to deny the Tenant&#146;s contractor(s) and/or the
contractor&#146;s employee(s) access into the building if they/he/she has been found in spaces
outside the construction area (i.e. adjacent tenant spaces without prior knowledge and
approval) or has been found to have removed items from the building that do not belong to
their firm. The Landlord&#146;s decision will be final.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fire exits shall be kept clear and accessible at all times.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Fire extinguishers supplied by the contractor must be on the job during construction.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">When burning operations are required, the contractor must ensure that the operator of the
burning equipment shall have a Certificate of Fitness to operate such equipment. During the
burning operation, an additional person holding a Certificate of Fitness for fire watch must
be in attendance. A copy of each certificate must be supplied to the Building Office before
such work is performed. The building must be advised prior to this work so the fire alarm
system may be taken off-line.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Workers may be assigned to one toilet, which the general contractor will be responsible
to clean and maintain. Appropriate accommodations should be made to afford both sexes
privacy while using the facility.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;IX &#151; 11

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All containers must be emptied and returned to the construction area promptly. All
construction debris and excess material should be removed from the job site and carted away
from the building before 7:00 AM and after 6:00 PM. Containers may not be stored or left
unattended on the sidewalk or loading dock at any time. Any fine(s) resulting from this
violation that are received from NYC will be paid by the Landlord and billed back to the
Tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fireproofing on steel and columns must be replaced to match the existing rating and
color, at the Tenant&#146;s expense, if damaged by the Tenant&#146;s contractor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">48-hour notification must be given to the Building Office before the hung ceiling tiles
are to be installed. This will afford the Landlord the opportunity to view and ensure
access doors for VAV&#146;s, etc. are not blocked and can be serviced properly.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Supervision</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The General Contractor shall maintain competent and adequate supervision on the premises
when all work is in progress.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Construction personnel must carry proper identification at all times.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All persons in a supervisory position must be able to speak and understand English
fluently.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Job Site Cleanliness</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The General Contractor (GC)&nbsp;shall be responsible for maintaining the cleanliness of the
work area and the areas involved in the delivery and storage of materials. At all times,
the GC is responsible to maintain a safe work environment for those within and outside the
construction area.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Walk-off mats are to be provided within the construction area at each exit and shall be
wet continuously to prevent the tracking of footprints into areas outside the construction
area.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All public areas such as elevator lobbies, corridors, toilets and service halls shall be
protected with Masonite and craft paper to the satisfaction of the Building Office.
Throughout the job, the GC shall protect the HVAC perimeter units, fire alarm equipment,
etc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maintain a positive Indoor Air Quality (IAQ)&nbsp;work site. The following specific actions
may be applicable to controlling contaminants at the work site: wetting agents or sweeping
compounds to suppress dust, removing spills or accumulated water, using low odor emitting
cleaners, protecting porous materials from moisture, keeping materials elevated off floor
surfaces and increasing the cleaning frequency for dust.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;X &#151; 12
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Section&nbsp;3:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Insurance</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Requirements</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Service Contractor shall provide the following minimum insurance coverage. See <B>Exhibit
B: Sample Certificate of Insurance </B>for reference:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Commercial General Liability</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Combined Single Limit &#151; $3,000,000 per occurrence and annual aggregate per
location. Such insurance shall be broad form and include, but not be limited to,
contractual liability, independent contractor&#146;s liability, products and completed
operations liability, and personal injury liability. A combination of primary and
excess policies may be utilized. Policies shall be primary and noncontributory.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Worker&#146;s Compensation &#151; Statutory Limits</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Employer&#146;s Liability</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">With minimum liability limits of $1,000,000 bodily injury by accident each
accident, $1,000,000 bodily injury by disease policy limit; $1,000,000 bodily
injury each employee.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Commercial Automobile Liability</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Combined Single Limit &#151; $1,000,000 per accident.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Such insurance shall cover injury (or death) and property damage arising out of
the ownership, maintenance or use of any private passenger or commercial vehicles
and of any other equipment required to be licensed for road use.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Property Insurance</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All-risk, replacement cost property insurance to protect against loss of owned or
rented equipment and tools brought onto and/or used on any Property by the Service
Contractor.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Crime Insurance / Fidelity Bond Service Contractor is responsible for loss to
Owner and third party property/assets and shall maintain Fidelity Bond or
comprehensive crime insurance coverage for the dishonest acts of its employees in a
minimum amount of $1,000,000. Service Contractor shall name Owner as Loss Payee with
respect to the comprehensive crime insurance coverage.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Errors &#038; Omissions/Professional Liability (applicable for professional
services only) Service Contractor shall provide Liability limits of at least
$5,000,000 per claim and $5,000,000 in the aggregate. The retroactive insurance date
of such insurance shall be no later than the commencement date of the contract. Such
insurance shall be provided for two years beyond the completion of the work.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;X &#151; 13
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Policies described in Sections&nbsp;I.A. and I.D. above shall include the
following as additional insured, including their officers, directors
and employees. Additional Insured endorsements CG 20 10 10 01 and CG
20 37 10 01A or their equivalent shall be utilized for the
policy(ies) described in Section&nbsp;I.A. above. Please note that the
spelling of these parties must be exactly correct or the Contract
Duties will not be allowed to commence.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">85 Broad Street LLC</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Metropolitan Life Insurance Company</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Jones Lang LaSalle Americas, Inc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">III.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Service Contractor waives any and all rights of subrogation with
respect to its commercial property and workers&#146; compensation
liability insurance policies against the parties identified above in
Paragraph&nbsp;II.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">IV.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All policies will be written by companies licensed to do business in
the State of New York and which have a rating by Best&#146;s Key Rating
Guide not less than &#147;A-/VIII&#148;.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">V.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Service Contractor shall furnish Certificate(s) of Insurance evidencing the above coverage,
except property insurance under I.E. Original Certificate(s) of Insurance must be provided
before Service Contractor commences Contract Duties or Contract Duties will not be allowed to
commence.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">VI.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Certificate(s) of Insurance relating to policies required under this Agreement shall contain
one of the following two sets of words:</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Should any of the above described policies be cancelled before the expiration date
thereof, the issuing insurer will endeavor to mail thirty (30)&nbsp;days&#146; written notice to the
Certificate Holder.&#148;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">OR</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Should any of the above described policies be cancelled before the expiration date
thereof, notice will be delivered in accordance with the policy provisions.&#148;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">VII.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following should be named as the Certificate Holder:<BR>
<BR>

Jones Lang LaSalle Americas, Inc.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">85 Broad Street, SC Level</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New York, NY 10004</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Attn: Facility Manager &#151; Insurance.</DIV></TD>
</TR>


</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 14
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Section&nbsp;IV:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Building Standards</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Drawing Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The required signed and sealed drawings need to be accompanied by a transmittal letter listing each
drawing, its date and the number of sets submitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Standard drawing sizes are as follows:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">24 inch x 36 inch
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">30 inch x 42 inch
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">36 inch x 48 inch
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B>ARTICLE 3 Each drawing should contain:</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Column numbers to facilitate reference and coordination.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Plot Plan and key plan referenced to the appropriate floor and the area of the floor to
be worked on should be shaded in.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Title block with:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant&#146;s name, address, floor number</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Project description</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drawing number</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Scale, date</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Revision column with date, revision number and description of change. All
revisions that pertain to the Landlord review process should be identified by encircling
the revision and labeling it with a revision triangle and number. The number should
correspond to the revision column information.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Architectural</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Should include the following plans:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Based on a field survey, drawings shall indicate all construction
components or materials, i.e. partitions, doors, ceiling tiles, etc. to be removed.
Please note all convector covers are to remain. They may be removed before
demolition, securely stored and replaced after demolition has been completed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Construction Plan. </B>Indicate all new work including the demising partitions.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Room designations</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Window treatment</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Convector cover details</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Floor chopping and core drilling details</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Note all changes to the service core components, i.e. service elevator lobby doors;
alterations to any shafts, pipe chases or risers; telephone closets and/or
mechanical/electrical rooms.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 15

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hardware schedule to be in accordance with a Class&nbsp;A
office building.<B> Reflected Ceiling Plan</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Specify ceiling construction either new or to remain.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All lights should be shown as either new, existing to be reused or relocated, or existing
to remain. Description should contain all light fixture-type, wattage and sizes.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All switches and fixture controls and electrical branch circuit drawings</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Power and Telephone Plan</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="margin-left: 4%; text-indent: -4%; margin-right: 0%; font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5 </B>Furniture Plan. Furniture shall be installed in such a manner as to provide for
reasonable access to convectors, windows (allow room for window replacement), and
other building systems, and to be commenserate with Comparable Buildings.
<B>Notwithstanding the foregoing, the location of the Existing FF&#038;E (as the term is
defined in the Lease) is not required to comply with the foregoing requirements
Structural</B></DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Should include the following plans:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please see Construction Drawing notes for more specific information.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Indicate all structural elements and surrounding components that may be affected
</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><u>Electrical Should</u> include the following plans:</B></div>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please see Construction Drawing notes for more specific information.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Indicate all elements to be removed and clearly identify all items that are to remain, i.e. fire safety
equipment, etc. A field survey should be performed so that the demolition plan clearly delineates these elements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Construction Plan. </B>Indicate all new elements to be installed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Communication Plan</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Lighting &#038; Power Plan</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Fire Safety Systems Plan. </B>Indicate all existing base building devices and components to remain and/or be relocated to comply
with ADA.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 6 Mechanical</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Should include the following plans:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please see Construction Drawing notes for more specific information.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Indicate all elements to be removed and clearly identify all items that
are to remain, i.e. fire dampers, etc. A field survey should be performed so that demolition
plan clearly delineates these elements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>HVAC Systems Design Plan and Specifications</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>HVAC Piping Design Plan</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 16

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 7 Plumbing</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Should include the following plans:</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Indicate all fixtures to be removed and all fixtures to remain.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Plumbing Systems Design Plan and Revised Diagrams</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Plumbing Specifications and Cuts
</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE
8 Sprinkler/ Fire Safety</B></div>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Should include the following plans:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Demolition Plan. </B>Indicate all elements to be removed and all elements to remain. A field survey should be
performed so that the demolition plan clearly delineates these elements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Sprinkler Systems Design Plan Specification and Riser Diagram</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Hydraulic Calculations</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Fire Protection by Ansul Systems Design Plan, if required</B></DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 17

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Construction Drawing Notes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Please include the following notes on the plans submitted for Landlord review and for ultimate use
at the construction site.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 Demolition</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Existing plumbing fixtures, drinking fountains, sinks, lavatories, water closets,
showers, floor drains, etc., which are to be removed, must have water supply shut off prior
to disconnecting and removing them to prevent flooding. Fixtures should be first offered to
the Building Office for inventory before the fixtures are discarded. All abandoned plumbing
lines must be disconnected and removed up to the main plumbing risers and capped properly.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Remove all abandoned cabling from the existing floor cells back to their source.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Where demolition is to take place in an area of the building where fire safety equipment
such as alarms, speakers, smoke detectors, floor warden stations, etc. are located, the
Building Office must be notified at least three business days prior to the start of
demolition so that the equipment may be protected.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fire safety equipment and associated conduit and wiring shall be protected from any
physical damage during demolition and/or construction. At Ownership&#146;s discretion, an ample
amount of fire alarm coverage shall be maintained at all times (i.e. smokes and speaker
strobes) during the entire demolition process</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Construction</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each floor on which construction is undertaken must remain in a safe condition with
regard to fire safety for personnel working on the floor. All fire stairs, alarms, manual
pull stations must remain accessible and operable at all times.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Landlord prohibits construction, security devices or signage without prior Landlord
consent that would in any way damage or alter existing stone, metal or glass facades in or
on either the exterior or interior of the building. Any damage that occurs will be repaired
by the Landlord at the Tenant&#146;s expense.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All public areas such as elevator lobbies, corridors and hallways shall be protected with
Masonite and craft paper to the satisfaction of the Building Office. Also, shoe-wiping mats
must be placed at all openings to the construction area (and within the areas of
construction) and public areas must be continuously kept clean. Equipment and other
property belonging to the building shall also be protected, and refurbished if damaged
during the course of construction, to the satisfaction of the Property Manager.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> All existing masonry construction such as at columns, piers and core penetrations, where
disturbed due to adjacent demolition, are to be replaced and repaired with material to match
existing construction. All restoration of fire
rated assemblies must be completed to restore rating. Masonry openings must be filled with
same material before drywall is applied.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 18

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Partitions shall not be fastened or braced to ductwork, conduit or piping.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Woodwork, cabinetwork, raised flooring and furniture/partitions along the perimeter wall
of the building at the convector cover locations must be easily removable and maintain a
proper distance to ensure adequate air circulation and access for maintenance.
Notwithstanding the foregoing, the existing woodwork, cabinetwork, raised flooring and
furniture/partitions are not required to comply with this provision to the extent they
remain in their existing condition and/or position.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide waterproof membrane in all wet areas, both on the floor and 4&#148; above the finished
floor (A.F.F.) on walls.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No cooking is allowed in pantries. Microwaves, coffee makers, dishwashers, icemakers and
refrigerators only.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Sustainable Building Materials</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Provided construction, renovation or repair cost is not materially higher as a result thereof, for
all new construction, renovation or maintenance repairs, 10% of the total purchases (on a dollar
basis) must meet each one the following sustainability criteria separately (i.e. concrete can meet
10% post-consumer, steel can meet 50% within 500 miles and 10% of wood purchases can be FSC. One
product alone cannot combine to meet this requirement):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Must select and meet 3 requirements)
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contain at least 10% post-consumer or 20% post-industrial material</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Is Forest Stewardship Council (FSC)&nbsp;certified wood</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contain at least 50% materials harvested and processed or extracted and processed
within 500 miles of the project</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">OR
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contain at least 70% salvaged material from off site or outside the organization</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Contain 50% rapidly renewable materials (i.e. bamboo, cork, linoleum, etc)</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 19

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Indoor Air Quality (IAQ)&nbsp;Compliant Building Products</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To maintain a positive IAQ and reduce the impacts of emissions from materials, employ the
following sustainable criteria when choosing these products:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Paint and coatings with VOC emissions that do not exceed VOC limits of Green Seal&#146;s
Standard GS-11 requirements</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Carpet and Carpet Cushion that meets the requirements of the CRI Green Label Testing
Program</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Composite panels (MDF, OSB, plywood) and agrifiber products that contain no added
urea-formaldehyde</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Adhesives and sealants that comply with the VOC content limits of South Coast Air Quality
Management District (SCAQMD)&nbsp;Rule #1168</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Lighting that use reduced mercury content of less than 80 picograms per lumen hour of
light output</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 20

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Architectural Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 Doors and Related Components</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>a)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Single Tenant Floors</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Tenant may propose at their discretion, doors, frames, appropriate signage, etc. This
information should be included in the customary architectural package for the Landlord&#146;s reference
and review process.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Multi-Tenant Floors</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A Tenant leasing space on a multi-tenant floor shall install the corridor doors, frames, signage
etc. according to the building standard. (See the building signage standard section).
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>c)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>Security Systems</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Access Card Systems are acceptable on both single tenant and multi-tenant floors but must be
installed on the adjacent wall near the entrance door. These devices may require an additional
connection to the fire/life safety system to allow egress from the Tenant&#146;s space. If Tenant
elects not to provide the Building&#146;s Engineering department with card keys, a key override keyed to
the Building&#146;s key system must be installed next to the card key reader. Drawings and catalogue
cuts must be submitted for review.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Acoustical Tile</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See the building standard section for the appropriate material.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Windows, Venetian Blinds &#038; Window Treatment</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Window treatment shall not interfere with the operation of the peripheral air
conditioning system or window cleaning operations. Perimeter finishes must meet the
building standard. Notwithstanding the foregoing, existing window pocket condition shall
not be required to conform to the Building&#146;s standard requirement to the extent they remain
in their current location/condition.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Window treatment specifications must be submitted for approval by Landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Bathroom Accessories</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See the building standard section for the appropriate material for each building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5 Corridors and Elevator Lobbies</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Wall covering will only be permitted on single tenant floors and must first be submitted to the
Landlord and approved before installation.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 21

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 6 Ceilings</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ceilings in spaces adjacent to exterior windows shall not be dropped lower then the top of the
window head, unless held back two feet from the inside face of the window for every one-foot in
drop below the window head.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 7 Partitions</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interior drywall partitions that are adjoined to the perimeter shall be fastened to a
perimeter column.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A minimum of 18 inches shall be provided so that perimeter induction units may be easily
accessible to maintenance personnel.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 8 Retail Store and Signage</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">A Tenant leasing retail space shall submit to the Landlord all plans, elevations,
storefront design, signage and samples of finished materials for review. Security gates may
not be used.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All storefront alterations must comply with building standards in terms of configuration,
materials, finish, profiles, etc.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 22

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Structural Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General Notes</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Structural drawings must be coordinated and submitted with other disciplines that are
affected by structural modifications.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All required fire ratings of existing and new components should be maintained.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Fire watch service shall be provided by Tenant&#146;s contractor during welding and burning
operations including appropriate fire extinguishers, etc. Copies of any and all fire watch
personnel&#146;s Certificates of Fitness shall be submitted to the Building Office before such
fire watch is required. The building shall be notified so the fire alarm system may be
taken off line.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New structural in-fill shall be compatible with existing construction to remain in order
to sustain floor duct continuity and other systems as required by the building&#146;s structural
engineer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No attachments, chopping or chasing of core walls and masonry demising partition walls
will be permitted without prior Landlord approval.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Partitions shall not be fastened or braced to ductwork, conduit or piping.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 23

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Electrical Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General Conditions</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide a connected and demand load summary for all new and existing equipment and
indicate the watts-per-square-foot usage based on the Tenant&#146;s rentable square footage.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Proper temporary lighting and power must be installed and maintained in all work areas.
All temporary lighting will be removed at the job&#146;s completion and not left abandoned within
the hung ceiling.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">An appropriately labeled fused safety switch shall be installed in the electric closet
when a sub-panel is installed in a Tenant&#146;s space.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide emergency lighting fixtures, where applicable by code. Refer to the Building
Specification section for emergency power requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">It shall be the contractor&#146;s responsibility to balance loads and refurbish electric
panels where necessary. The condition of the electric panels and closets at the project
completion is subject to review by the Landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">It is the responsibility of the contractor to leave the electrical closets clean and free
of all rubbish and materials. It shall be the contractor&#146;s responsibility to patch all
openings created by the work.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At the completion of the alteration, meter pans, safety switches, panels, panel
directories and other distribution devices are to be labeled correctly. Previous labeling
or markings are to be removed or painted over.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All panel directories are to be typed and checked for accuracy. <B>Handwritten directories
are unacceptable. </B>They should display the circuit number and those devices that are
connected to the circuit.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The source of all new risers shall be identified in a manner consistent with existing
switchboard designations. All pull boxes required for new riser installations must identify
the riser, the Tenant, and equipment served (i.e. circuit breaker panels LP5 A &#038; LP5B).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Core drilling will be allowed only after a complete survey and probe of slab fill is
performed to assure that they are clear of any existing conduit or obstructions. Permission
for such drilling must be obtained from the General Manager or the building&#146;s Chief
Engineer. All work shall be properly fire-stopped and safed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All electric power must be disconnected before starting demolition.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">When switches or circuit breakers are opened for work on electrical equipment or wiring,
signs or tags should be installed at the switch or breaker stating that work is being
performed on them. If the device is lockable, it should be padlocked at the end of each
workday.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 24

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Lighting &#038; Applicable Panel boards</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Panel boards shall be provided as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">120/208 volts and/or 265/460 volts surface mounted in electric closets.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All panel boards shall be 3-phase 4 wire and shall not exceed existing available
floor amperage.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Panels shall be factory assembled and fabricated by an approved Switchboard
manufacture, dead front, bolt-on circuit breaker type, UL listed and NYC approved.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cabinets and trim shall be galvanized sheet metal, factory painted with one rust
proofing primer coat and one finish coat.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Bus Bars shall be full height copper. Neutral bar shall be full size. Bussing
shall be braced throughout for a minimum of 10,000 amps. Provide 200 Amp neutral when
serving non-linear loads.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Doors shall have flush type paracentric cylinder locks and catches. Lock must be
compatible with Landlord&#146;s standard key system. Back of the door shall have a directory
frame and directory card protected with a non-fading transparent cover.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Do not chop outlets, switches or similar devices into core walls without prior
authorization by the Landlord. Engineer shall provide a detail for all devices chased in the
floor slab.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">See the Building Standard section for standard light fixtures.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Sub-Metering</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenant&#146;s design engineer shall identify and indicate on plans submitted for Landlord
review all existing meters serving the space to be renovated.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenants design engineer and electrical contractor shall verify that the space has
been electrically demised. In addition, the design engineer and contractor shall verify
that no other tenants are served by any meter to be removed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord will install all submeters at the Tenant&#146;s expense, once the electrical
contractor has completed the required service work, subject to the lease agreement. The
Tenant&#146;s electrical contractor should complete the installation of the electrical service as
soon as possible to facilitate the installation of the new metering equipment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Electric meters shall only be installed in base building electric closets or switchboard
rooms unless special permission from the Landlord is given for an alternate location.
Risers terminating at panels located in Tenant spaces and not metered at the source shall be
routed through the nearest electric closet and a disconnect and meter shall be installed by
the Landlord at this point. Wherever possible, all dedicated risers should be metered at
their point of origin.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Temporary feeders shall run to the new meter equipment to supply power during
construction. No service shall be utilized without a meter in place.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 25

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Wiring</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Threaded aluminum, rigid steel conduit or EMT shall be used when power distribution is
exposed and is run outside of the Tenant space.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">EMT shall be used for all concealed work in the walls or above the hung ceiling (3/4&#148;
minimum). Armored, BX or MC cable can be used for branch circuitry,</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Greenfield shall be used for lighting fixture tails (3/8&#148; minimum) and for final
connections to motor and transformers (1/2&#147;minimum. Wiring for fixture tails and wiring run
through lighting fixtures shall have insulation rated for
90<FONT face="Wingdings">&#111;</FONT>C (i.e. THHN)
<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>&#148;minimum.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Circuit wiring in panel boards shall be trimmed and dressed in a neat and workmanlike
manner. All wiring shall be tagged (accurate panel directories are required.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Electrical contractor shall remove all unused wiring back to the source. Unused wiring
in under floor duct systems shall also be removed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All wire, cable and bus must be copper. Wire insulation shall be THHN.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Branch circuit wiring shall be No.&nbsp;12 AWG minimum. No.&nbsp;14 AWG wiring may be used for
control work only. All branch wiring must be factory color coded for its length. For
feeder wiring No.&nbsp;6 AWG and larger colored strips along the full cable length is acceptable.
For short lengths colored tape may be applied to all cable that is visible.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For safety considerations, Phase colors for conductors shall be black-red-blue-white for
208-volt systems and brown-yellow-white for 460-volt systems.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The color of switch legs must match the phase circuit color.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All vertical runs of low voltage Teflon insulated cable below eight feet must be in
conduit (EMT). Only cables with Teflon or equivalent plenum type insulation and jacket (UL
Type 2P) may be run above the hung ceiling or in convectors without raceway. Proper
supports are required.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All temporary lighting and power shall be removed upon completion of project</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 26

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5 Equipment</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.2 Lighting</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fluorescent troffers shall be equipped with 2 lamp or 3 lamp electronic ballasts.
Fluorescent troffers shall be equipped with heat extraction slots. Incandescent lamps shall
be rated for 125 volts. All fixtures need approval by the Landlord prior to installation.
Cut sheets on the proposed fixtures should be
submitted for Landlord approval (note: lay in type must have channel clips securing fixture
to ceiling grid).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All relocated lighting fixtures shall be washed and re-lamped. Relocated fixture not
equipped with electronic ballasts shall also be re-ballasted prior to re-installation in
their new location.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Exit signs shall be lit, with 6&#148; high letters (except in Place of Assembly spaces) and
shall be equipped with an integral storage battery/charger to operate the sign for a minimum
of 90 minutes in the event of a power outage.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenants are urged to utilize motion sensor switching in all reasonable areas such as
private offices, file rooms, etc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fixtures not controlled by motion sensors shall be provided with both local switches
and master automatic control to comply with the requirements of the New York State Energy
Conservation Code.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">See the Building Standards for light fixture types.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.3 Low Voltage Voice/Data Signal Cable</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Low voltage cable with thermoplastic insulation (UL Type 2X) may be run only in floor
cell or conduit.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Only cables with Teflon or equivalent plenum type insulation and jacket (UL Type 2P) may
be run above the hung ceiling or in convectors without raceway. Proper supports are
required.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wall mounted outlets shall be equipped with back boxes and conduit stub-ups of EMT to
above the hung ceiling plenum, bushings required at end of all conduit stub-ups.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Teflon cables passing through telephone closet walls must be run through sleeves of rigid
galvanized conduit or EMT. Seal around sleeve and around cables using approved
fire-stopping media.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All abandoned cable must be removed by tenant prior to occupancy. Maintenance of wire,
including abandoned cable must be in accordance with NFPA requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 27

</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.4 Workstations</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All workstations shall be grounded. Ground wire in manufacturer&#146;s wiring harness shall
be carried back to the panel ground bus.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Workstations shall be hard wired with No.&nbsp;12 copper wire enclosed in flexible metallic
conduit.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No zip-cord, plug mold, plastic or metallic-plug connectors will be allowed.<U>
</U>Notwithstanding the foregoing, Tenant shall have the right to re-use existing plug mold
existing in the demised premises as of the date hereof.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maximum distance of flexible metallic conduit from wall or floor outlet to workstation
termination point shall be no more than 18 inches.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No receptacles shall be permitted to be attached or built-in to task lighting fixtures.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fire rated wall penetrations shall be fire stopped with &#147;Flame Safe&#148; or similar
compound. Floor and ceiling penetrations shall be seal with cement.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 28

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mechanical Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 Condenser Water/Chilled Water</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All Tenant supplemental units are required to use condenser water or chilled water to
remove the heat from their space. See Building specifics for additional information.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If Tenant is authorized to tie-into the building&#146;s condenser water or chilled water
riser, the Tenant&#146;s engineer should contact the Building Office to coordinate where and when
such connections are to be made.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping sizes shall be based upon standard engineering principals of flow and pressure
losses, however, a minimum velocity in carbon steel pipe of 3 feet per second shall be used
in order to prevent blockages caused by depositing particles. Three-way water valves shall
be used.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drain pans shall be provided under circulating pumps and any liquid detectors should be
wired to a local alarm.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each cooling unit shall be provided with a plug valve in addition to the shut-off valves.
These plug valves shall be used to regulate the quantity of water flowing through the
cooling units as a means of balancing the system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All primary shut-off valves shall be O S &#038; Y gate, which can be packed while in operation
whether open or closed. All units should also have an individual y-type strainer installed
on the supply line.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All valves must be readily accessible and be tagged with brass tags stamped with their
control number. A valve chart indicating the valve number, the valve&#146;s location and what it
serves should be framed and hung at an area designated by the building&#146;s Chief Engineer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All condenser water or chilled water systems should be exposed to high levels of chemical
corrosion inhibitor for as long as possible before filling the system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New condenser water or chilled water lines are to be copper material and brazed (No
Victaulic or soft solder). Die-electric fittings are to be used between black iron valves
and copper. The lines are to be hydrostatically pressure tested. A building management
representative must be present during testing.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All condenser water or chilled water piping must be properly insulated.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Steam and Condensate</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All primary shut-off valves shall be O S &#038; Y gate, which can be packed while in operation
whether open or closed. Supply lines are to be metered.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All valves must be readily accessible and be tagged with brass tags stamped with their
control number. A valve chart indicating the valve number, the valve&#146;s location and what it
serves should be framed and hung at an area designated by the building&#146;s Chief Engineer.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 29

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All steam traps shall have a valve and union on each side and shall be of the Float and
Temperature type.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All steam lines (Supply and condensate) are to be schedule 80-type pipe.</DIV></TD>
</TR>

</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Miscellaneous</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Base building hot water for heating, compressed air and refrigerant are not available for
tenant use.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All piping shall be clearly marked with its contents. Piping should also be properly
insulated and indicate the pipe contents and directional flow a minimum of every 15 feet.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Furnish and install suitable and substantial hangers and supports for all horizontal
lines. Main lines and any other large or heavy pipes shall be supported by pipe hangers and
beam clamps of approved design. Hangers for pipe subject to expansion shall be provided
with approved rollers.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All hangers shall provide for two inches of vertical adjustment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All vertical piping shall be anchored wherever necessary to prevent undue strains on
offsets and branches and wherever required to support such piping consistent with industry
standards. Anchors shall also consist of heavy forged wrought iron clamps securely bolted
or welded to pipes; all extension ends shall bear on building construction and wherever they
are close to beams, shall be bent under top flanges.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Vertical pipes in shafts shall, whenever possible, be supported on structural steel pipe
stands. See 3 (b)&nbsp;for labeling requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">When more than one vertical pipe is installed in a shaft in close proximity to other
vertical piping, roller guides shall be provided for all piping at every other floor level.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping shall not be supported by means of wire, rope, wood, ductwork or any other
makeshift device.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All existing abandoned piping and equipment shall be removed by the contractor, unless
otherwise directed by the Landlord or the engineer. No materials shall be used unless first
being reconditioned and then only as specifically approved by Landlord and engineer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New systems shall be flushed when their installation is completed to remove construction
debris. They should be isolated and cleaned with a trisodium phosphate solution which is
heated above 150<FONT face="Wingdings">&#111;</FONT> F.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 30

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Testing</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All testing shall be done in the presence of the General Manager or his/her designated
agent (i.e. Chief Engineer).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The contractor shall flow balance every system to the quantities as shown on all related
drawings.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 31

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Heating, Ventilation &#038; Air Conditioning Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenant shall arrange for all necessary inspections, pay all fees for those
inspections and turn over copies of all inspection reports and certificates to the Landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">HVAC system design layout shall not have an adverse effect on the existing base building
systems. New design supply air quantities shall not exceed base building design air
quantities.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Existing supply, return and exhaust air quantities CFM and static pressures shall be
measured at point of connections of new duct to existing ducts and recorded in the presence
of building engineering personnel. Written notification must be sent to the Building Office
each time that these readings are scheduled to be taken.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All supplemental package units must utilize chilled water or condenser water for cooling
where possible. No air-cooled units or exterior louvers will be permitted.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All supply, return and exhaust fans and other equipment shall be identified by the system
number and their operating data (e.g., Manufacturer&#146;s name and model number, CFM, static
pressure, rpm and horsepower) on the appropriate drawings.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During the project duration, the Landlord and his/her designated representative will
inspect the work in progress. Any work that is judged unsatisfactory for any reason or not
in compliance with these standards shall be removed and replaced at the expense of the
Tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any required shut-down of the Building&#146;s systems (i.e. BMS, Fire Alarm) shall be
coordinated with sufficient advance notice to the Building Office and shall be performed in
a manner which does not interfere with other tenants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Ductwork</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drawings shall show new and existing supply, return and exhaust air ducts, with all sizes
indicated.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All ductwork (except for special exhaust systems) shall be constructed of galvanized
sheet metal. Installation shall follow SMACNA Standards.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Galvanized metal ductwork shall be constructed in accordance with the latest SMACNA
manual and shall have a pressure rating of 2 inches, 4 inches or 6 inches with 2 inch rating
minimum for ductwork between VAV units and outlet, or between fan and outlets if VAV units
are not used, and 4 inch rating minimum between fans and VAV units.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All ductwork shall be sealed and SMACNA seal classification &#151; A, B or C specified.
Leakage testing shall be required for ductwork and leakage Class&nbsp;6,
12, 24, or 48 specified. Extent of ductwork to be tested for each leakage class shall be
specified.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 32

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Flexible round duct connections to Air Terminal Units shall be limited to three feet in
length or less.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Flexible canvas connections shall be provided at ductwork connections to fans and other
rotating equipment.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Volume dampers shall be shown on drawings wherever required for air balancing purposes.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Access doors shall be indicated on the drawings wherever access for servicing equipment
such as coils, humidifiers, etc. is necessary, and shall be a minimum of 24 inches x 24
inches. Access doors in insulated or lined ducts shall be double panel, insulated, minimum
20 ga.; access doors in non-insulated duct shall be double panel, minimum 20 ga. Or single
panel, minimum 18 ga.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Duct hangers shall be indicated and specified in accordance with the New York City
Building Code and SMACNA.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All unused ductwork must be removed at Tenant&#146;s expense. Unused openings in main ducts
shall be blanked-off and sealed airtight.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Furniture and partitions shall not block the perimeter induction units so that
engineering personnel may service and maintain the units as well as provide the proper
airflow through the unit. Induction units are to be protected during construction and
thoroughly cleaned upon completion of project. Existing perimeter control wire damaged
during construction will be restored and paid for by General Contractor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Fire and Smoke Dampers</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Accessible fire and/or smoke dampers and access doors shall be shown on the drawings
wherever required. Fire dampers shall have blades out of the air stream and breakaway
connections.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Existing fire dampers and access doors where no longer required due to architectural
changes shall be indicated on the drawings to be removed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Where ducts penetrate rated walls, including shaft walls, the space between the duct and
wall shall be packed with fire-stopping material. The material and the method of packing
shall be indicated on the drawings or in the specifications.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Fire and smoke dampers shall be configured for remote control via the fire alarm and BMS
systems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Control wiring for smoke dampers and/or combination fire/smoke dampers must be provided
on a per system, per floor basis.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 33

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Duct Insulation and Lining</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See the insulation section for details.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5 Supply Air/Return Air Register and Grilles</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All supply air ceiling diffusers and return air register and grilles shall be indicated
on the drawings, including size, CFM, manufacturer&#146;s name and model number, type number and
material.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During construction process, when possible the entire system should be shut down. In the
case that the system is running during construction, ensure all return system openings in
(or immediately adjacent to) the construction area should be sealed with plastic. Supply
side diffusers and window units should also be sealed in plastic for further protection.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All filters must receive frequent maintenance if the systems are used during construction
and must be replaced immediately prior to occupancy.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 6 Special Exhaust Systems</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drawings for range hood kitchen exhaust systems shall indicate manufacturer and model
number of the rangehood(s), CFM exhaust and ductwork connection to the duct riser. Ductwork
shall in accordance with the New York City Building &#038; Fire Codes and shall be insulated.
Landlord retains the right to review on-going maintenance records to ensure safety and
compliance.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Dishwasher exhaust ductwork shall be in copper, stainless steel or aluminum, shall slope
downwards in the direction of the dishwasher connection.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any exhaust system that is to be used for designated smoking areas shall conform with New
York City Building Code. These systems will not be permitted to be ducted to the base
building return or exhaust branches/risers or use the common return plenum for the floor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 7 Supplemental Air Conditioning</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As previously stated under the HVAC general conditions section, all supplemental HVAC
shall use chilled water or condenser water as the method of heat removal if available.
Air-cooled units and exhaust louvers will not be permitted.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All supplemental units shall be shown on the drawings, including manufacturer, model
number, size (in tonnage) and CFM.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Access doors shall be shown on the drawings wherever required as well as any required
connections to the Building&#146;s fire alarm system (i.e. smoke dampers, break glass, etc.).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Access doors shall not be blocked by electrical conduit, piping, ceiling black iron and
shall be a minimum of 24 inches x 24 inches to allow maintenance people sufficient room to
perform such service.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 34

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall clean and recondition all supplemental units to be reused, including
controls.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall be responsible for all costs associated with tapping into the designated
riser and all piping to and from the unit.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall also install isolation valves near each unit on both the supply and return
lines, local pressure and temperature gauges, condenser water pump, strainer and check
valves. Condenser water control valves shall be three-way for constant circulation through
open piping system and two-way or three-way in closed systems. Bypass strainers should be
considered for critical operations. Pipe sizes shall be selected for a nominal 3 fps or
higher open condenser water systems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Condensate lines are to be run to the nearest slop sink or fan room floor drain, with
Building approval. Gravity drains is preferred over a condensate pump. Pump should only be
used when gravity drainage is not possible.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant piping shall be chemically cleaned and tested prior to final connection to the
building system. Submit certificate of clean water analysis and water sample for building
review and acceptance. Substantial delays shall result in requirement for retest prior to
start-up.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All vibration and/or noise generating equipment shall be effectively isolated from
structure so as to cause no interference to other tenants.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Rebalance all systems or portions of systems, which are effected by Tenant work. Prior
to performing air-balancing procedures, Tenant&#146;s balancer must contact the building&#146;s
engineering crew.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any ceiling tiles broken or removed during Tenant balancing procedures will be replaced
at Tenant&#146;s expense.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All units that require Equipment Use Permits from the City of New York shall be obtained
and a copy of the permit should be placed within a sturdy transparent frame as close to the
wall mounted control for each supplemental unit. A copy of the permit should also be sent
to the Building Office.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 35

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Plumbing Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General Requirements</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All plumbing, including water coolers, must be indicated on the drawings. Indicate
manufacturer and model number for proper engineering and roughing.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All plumbing work, materials, equipment and fixtures shall be new and approved by the
Landlord and by those authorities having jurisdiction over the work, including but not
limited to, the New York City Plumbing Code.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All workman employed to perform the work shall be skilled in their respective trades and
under direct supervision of a New York City licensed plumber.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Design Criteria and Documents</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The complete scope of work shall be indicated on the drawings.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Demolition plumbing drawings shall indicate existing plumbing piping, fixtures and
equipment to be removed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Drawings shall indicate all new pipe, fixtures, valves and equipment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Plumbing riser diagrams shall be provided for any plumbing work, all waste drainage,
vent, water, and gas systems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Manufacturer and model numbers shall be specified on drawings for all valves, fixtures
and equipment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hot water heating equipment shall be approved by the New York City Board of Standards and
Appeals. Manufacturer and model numbers shall be specified. M.E.A. numbers for gas-fired
equipment shall be indicated.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Restaurant tenants must supply water and steam usage estimates as part of the Landlord
review process.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Job Conditions</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.5 Connections to Existing Systems</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to disconnecting and connecting new work to existing systems, the plumbing
contractor shall notify the General Manager and offer a proposed schedule of work. The
Landlord will authorize all connections and coordinate any necessary shut downs and drain
downs if required. Shut downs and drain downs require 72 hour notice if such procedures are
deemed to effect other tenants who will require sufficient notification to make necessary
preparations. Connections may have to be made after hours. Connections to the base
building system shall be either screw galvanized or Husky type double band no-hub type
clamps.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 36

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Connecting new work to existing systems shall be performed in a neat and acceptable
manner. All affected work is to be restored to its original condition
and operation. The plumbing contractor shall not interfere with the continuous operation of
existing systems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hot water lines longer than fifty-feet (50)&nbsp;from base building riser shall be heat traced
or such other means such as a recirculation system. <B>Demolition and Removals</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disconnect and remove plumbing fixtures and piping. Cap and/or plug existing
services
at source of supply. Remove existing abandoned piping from the ceilings, walls and shafts.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;Safe-off&#148; with valves, caps or plugs, all services supplying plumbing fixtures and
equipment in areas designated for demolition prior to the start of demolition work.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.6 Clearance from Electrical Equipment</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No plumbing riser shall be run in, or through, electrical closets, telephone closets or
elevator machine rooms.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Plumbing design drawings shall be coordinated with other disciplines to prevent floor
electric cell penetration.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4 Access Doors</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The plumbing contractor shall be responsible for ensuring that access doors are installed
for valves concealed by masonry, plaster or drywall construction. Minimum size shall be 18
inches x 18 inches, unless otherwise approved.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Access doors where required shall be equivalent to the fire rated construction in which
they are installed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5 Record Drawings and Approvals</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">At the completion of the work, the plumbing contractor shall submit copies of the
plumbing final inspection 505 cards and sign-off.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The contractor is also required to provide the previously stated number of As-Built
drawings and AutoCAD disks.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 6 Equipment Brochure and Service Manuals</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Two copies of service brochures for major equipment that is installed by the contractor shall be
turned over to the Landlord. These should be presented in a neatly bound and labeled format and
should include the following information:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Descriptive literature on the equipment and components</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Performance data and model numbers</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Installation instructions</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Operating instructions</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Maintenance and repair instructions</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Spare parts</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Lubricating instructions</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 37

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 7 Plumbing Fixtures</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wall hung water closets and urinals shall be supported by floor mounted carrier fittings.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Carrier fittings base plates or feet shall be chrome plated.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All fixtures shall be equipped with accessible stop valves or angle stops.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping from concealed water roughing, passing through walls to the angle stops or fixture
waste connection, shall be threaded red brass. Type &#147;L&#148; tubing supply risers may be used
between angle stops and faucet connections.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Fixture faucets and flush valves shall have renewable internal parts, stems, cartridges
and seats.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water saving flush valves or faucets are required on all fixtures.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mechanical rooms, kitchens and public toilets shall be provided with a 3-inch floor
drain. The floor shall be provided with membrane waterproofing.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Waste piping from food handling equipment and preparation sinks shall be indirect via air
gaps to floor drains or floor sinks as required by the Health Department and Plumbing Code
requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Vacuum breakers, check valves and/or approved backflow prevention devices are required on
all water connections subject to back siphonage.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE
8 Gas Systems</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1.01.7 Installation</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The contractor shall arrange with Gas Company for meter bar and standard installation
details and be responsible for all associated charges.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping shall be installed free of traps and shall be provided with drain pocket
consisting of nipple and cap at all low points.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Union or right and left nipple and coupling with gas cock shall be provided at each piece
of equipment.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping shall be pressure tested per code requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Explosion proof solenoid shutoff valves shall be provided in the main supply lines to gas
fired equipment. The solenoid valve shall close upon activation of the kitchen hood and/or
fire detection system.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 38

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Insulation Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This section specifies insulation requirements for heating, ventilation and air conditioning (HVAC)
piping, equipment and sheet metal ductwork.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All piping shall be clearly marked with its contents. Piping should also be properly
insulated and indicate the pipe contents and directional flow a minimum of every
fifteen-feet (15).</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All steam supply, return pumped condensate and hot water piping shall be insulated.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hot water fittings, valves and flanges for steam return, pumped condensate and hot water
shall be insulated as for steam.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cold water fittings, valves and flanges shall be insulated with molded fitting sections
or mitered sections of pipe covering. Vapor seals shall be two coats of PVC coating. For
concealed locations, wired on compressed fiberglass blanket may be used.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Air Conditioning Fans, Casings and Ducts Exposed-Not Acoustically Lined.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Insulate all fresh air, air conditioning fans, casings, supply and return ducts with
four-pound density fibrous glass board faced with one side with aluminum foil reinforced
jacket.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Secure insulation over metal pins and lock in place with friction fit washers.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Seal all joints and punctures with matching foil, reinforced pressure sensitive tape, 3
inch wide on butt joint and punctures, 5 inches wide on corners.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 39

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Sprinkler Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 Drawings and Specifications</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All tenant sprinkler system drawings and specifications are to be submitted to the
Landlord for review before installation or agency approvals.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The sprinkler drawings must show all core and branch piping and a riser diagram showing
the proposed connections to the system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pre-action sprinkler system piping layout shall be indicated on the drawings including
pre-action valve assembly, tamper water flow switch and all associated mechanical and
electric components. A separate electrical riser diagram indicating all electric components
and tie-ins to existing system shall be provided to facilitate fire department electrical
review and installation approval.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pre-action valve assembly details must be shown on the drawing with all associated
components, including drain and test assembly.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to construction (but in no event simultaneously with the submittal of plans to
Landlord), hydraulic calculations must also be submitted for Landlord review that indicate
reasonable uniform water distribution, and allow for loss-of-head in water supply piping.
Water density, areas of sprinkler operation and water supply requirements shall in
accordance with NFPA standards.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water supply information including gpm and pressure required for fire pumps and
gravity/pressure tanks shall be provided.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide details of any modifications to the existing gravity or pressure tanks where
required.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2 Materials</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water flow Switches</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Vane-type water flow switches shall be installed on the sprinkler system piping, designed for
mounting on either vertical or horizontal piping and have a sensitivity setting to signal any
flow of water that equals or exceeds the discharge from one sprinkler head.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tamper Switch</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Valve supervisory switch shall be provided on all control valves.<U> </U>Pressure Reducing
Valves
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Provide pressure reducing valves as required. The valve is to be of all bronze construction
with bronze and stainless steel trim. The valve shall be UL listed and rated for 400 psi
working pressure and able to be tested to its full rating stamped on valve without damage to
any part of the valve. The valve shall be spring actuated, balanced piston, single seated
type without diaphragm. All parts are to be easily removable or replaced sealed at the
factory.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 40

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pressure Relief Valves</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">All sprinkler systems requiring a pressure relief valve shall be provided with a diaphragm
operated pressure relief valve. The valve seat and all working parts are to be exposed to
the fluid to be of non-ferrous material.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Pressure Gauges</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Gauges are to be of a type approved by authorities having jurisdiction and shall be
4 <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> inch dials, cast brass cases and have a range equal to twice the working pressure.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Each gauge shall have a shut-off cock or valve together with a plugged outlet for
the connection of an inspector&#146;s test gauge. Gauges shall be double spring type.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provide a gauge on either side of each pressure-reducing valve.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3 Installation of Sprinkler System</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">System drain-downs and fills will be conducted after normal building business hours
(Before 8AM and after 6PM Mon. &#151; Fri. or on weekends). A tenant representative or General
Contractor&#146;s project foreman must be present to print and sign their name in the Class &#147;E&#148;
fire alarm system &#147;Alarm Book&#148; (located at main lobby desk), prior to the sprinkler system
drain down taking place. A tenant representative or General Contractor&#146;s project foreman
must also be present to print and sign their name in the Class &#147;E&#148; fire alarm system &#147;Alarm
Book,&#148; prior to the sprinkler system refill process taking place. Tenants will be required
to have a reputable pipe fitter contractor on hand to witness the refilling of the system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If sprinkler system is to be removed, a temporary sprinkler system shall be installed
around the core area of the building, or a fire watch may be substituted by an NYCFD Fire
Guard of Fire Safety Director Certificate of Fitness holder as approved by General Manager.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All sprinkler system pipe penetrations through fire rated floors, slab and walls shall
have sleeves and openings shall be filled with fire-stop, fire-rated compound providing the
same rating as the construction through which such sleeves pass.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sprinkler piping exposed to the elements (freezing conditions) shall be adequately
covered and heat-traced.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Provisions are to be made for electrical connection of the water flow and tamper switches
to the Building&#146;s Class&nbsp;E fire alarm system, by the electrical contractor in coordination
with the Building&#146;s fire alarm vendor. See Building Specific information for the
appropriate company name, contact person and phone number.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Closing of any OS&#038;Y control valve is to be coordinated with the Building Office.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All control valves, pressure-reducing valves, check valves, water flow valves, tamper
switches, etc. shall be installed so as to be easily accessible for maintenance and removal.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 41

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Piping shall be installed so that all or part of the system can be completely drained.
Drain assemblies are to be provided with a globe or angle type valve and spill to an
approved receptacle to avoid flooding drain riser or slop sink.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Inspector&#146;s test connection shall be at least 1-inch diameter terminating in an outlet
giving a flow equivalent to one operating sprinkler. The test assembly shall include a
globe or angle valve, sight glass, <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> orifice, union and all other appurtenances required for
a complete assembly.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Prior to filling the sprinkler line with water, air pressure testing is to be done. Test
is to be witnessed by the Landlord&#146;s representative. Arrangements are to be made at least
24 hours in advance of the test.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenant shall furnish and install signs and seal as required.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Upon completion, system shall be hydrostatically tested. A building representative will
witness the test.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 42

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Fire Safety Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The building is equipped with a Class&nbsp;E fire alarm system. Existing base building
devices (e.g., smoke detectors, manual pull stations, warden phones, etc.) should not be
disconnected or removed without prior notification to the Building Office.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Tenant&#146;s engineer must field survey the location of all the existing devices and
indicate on the demolition and construction drawings submitted for review. Plans must be
filed with, and approved by, the authority having jurisdiction.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In areas where wiring is susceptible to damage due to exposure to potential mechanical
damage (e.g., MER, EMR, etc), the wiring shall be installed in rigid conduit or EMT
throughout the space and not just below eight feet.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Subsystem panels shall be installed in the Tenant&#146;s demised space and must be readily
accessible to the Building&#146;s Engineering department. Indication of this panel shall be
identified on the drawings for review.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Speakers can be installed either on the walls or in the ceilings but must be audible so
all occupants can hear the signals and/or announcements. All speakers should be wired using
an &#147;A&#148; and &#147;B&#148; loop as per NYC code to ensure some level of alarm will be heard throughout
the floor in the event of a partial system failure.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The disabling and reactivation of the building&#146;s Class &#147;E&#148; fire alarm system, in
conjunction with tying in or removing tenant devices, (i.e. smoke detectors, speakers,
warden phones, manual pull stations, etc.) shall take place after hours (Before 8AM and
after 6PM Mon. &#151; Fri. or on weekends). A tenant representative or the General Contractor&#146;s
project foreman must be present to print and sign their name in the Class &#147;E&#148; fire alarm
system &#147;Alarm Book&#148; (located at main lobby desk), prior to the disabling of the Class &#147;E&#148;
System. A tenant representative or the General Contractor&#146;s project foreman must also be
present to print and sign their name in the Class &#147;E&#148; fire alarm system &#147;Alarm Book&#148;
(located at main lobby desk), prior to the reactivation of the Class &#147;E&#148; fire alarm system.
Charges associated with disabling, re-activating, testing and program alterations shall be
paid for by the Tenant. Programming will be performed by the Building&#146;s Class &#147;E&#148; approved
vendor. See the &#147;Building Specifications&#148; section information under &#147;Contacts&#148; for the
company, contact person and telephone number of the approved fire alarm maintenance firm.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall provide and install emergency lighting in accordance with Local Law 16 and
all applicable laws. These lighting fixtures should have self-contained battery back-up
units within the fixture. The engineer must submit a letter to the Landlord at the time of
review that states that the emergency lighting does meet all applicable code requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 43

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Restaurant Standards</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1 General</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall be constructed in accordance with New York Sate and New York
City Health codes.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall have a current New York City Health permit or receipt of
payment for a permit BEFORE operation of the food facility.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall have a current New York City Food Protection Certificate.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall employ a licensed exterminating contractor who is certified by
New York City and carry a minimum of one million dollars ($1,000,000) in liability coverage.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All refuse shall be contained on food facility premises in a refrigerated refuse room.
Refuse and odors from refuse must not become a nuisance to tenants or Building Management.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food sinks and grease traps must be indirectly connected to waste lines. Grease
traps are mandatory and are to be readily accessible from within the tenant space.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall be vermin-resistant by sealing all openings in walls, floors,
ceilings, pipelines, etc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All kitchen exhaust access doors must be clearly identified on the kitchen ceiling and be
accessible for periodic inspection by Building Management and your vendor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities with a seating capacity of 20 or more shall be required to provide
toilet facilities to their patrons. This should be separate and apart from employee toilet
facilities.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Water and sewer estimates must be provided to the Building Office at the time that
construction plans are submitted for review.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All food facilities shall ensure that any garbage that is brought out to the curb will
not leak and cause a greasy, slick surface that may be a danger to pedestrians or become
unsightly.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All signage must be approved by the Landlord before it is installed.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Waterproofing plans must be submitted for review by Landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XI &#151; 44

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL GUIDELINES:</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;Notwithstanding anything to the contrary in these Standards, Specifications &#038; Guidelines for
Building Alterations, so long as the existing conditions and/or Existing FF&#038;E in the demised
premises are not demolished and rebuilt, and are in compliance with applicable laws and codes,
Tenant shall have no obligation to comply with these Building&#146;s standard requirements with
respect to such existing
conditions and/or Existing FF&#038;E (as applicable). Further, should building systems for which
Tenant is responsible for under the Lease require upgrade or replacement due to age, wear and
tear, or changes to applicable law or code, then such standards will apply to any such building
systems. Tenant to maintain all such building systems in accordance with a Class&nbsp;A building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;Nothing in this document prevents Tenant from using above-building standard items if it elects
to do so in connection with its improvements in the demised premises. <U> </U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XII &#151; 45

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Section&nbsp;V:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><B>Building Specifications <BR>

and Information</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Site Contact Information</B><BR>
<BR>
Jones Lang LaSalle Americas, Inc.<BR>
85 Broad Street, SC Level<BR>
New York, NY 10004<BR>
ph &#043;1 212 248 9135<BR>
fx &#043;1 212 248 9134

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ext.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>E-Mail</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tony Cartagine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>General Manager</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>tony.cartagine@am.jll.com</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Betty Villarreal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Asst. General Manager</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">betty.villarreal@am.jll.com</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rich Viera</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Engineer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">richard.viera@am.jll.com</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Service Request Information</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All requests for services (such as freight, loading dock access, engineer standby) must be received
by 2pm the day prior or by noon for weekend work. All requests will be accommodated in the order
they were received.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Loading Dock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Loading Dock Entrance:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>On South William Street Side</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hours of Operation:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Monday-Friday, 8am-6pm</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Loading Dock Dimensions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Roll Up Door Height:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12&#146;0&#148;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Roll Up Door Wide:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15&#146;0&#148;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Height of Bay:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3&#146;8&#148;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XII &#151; 46

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Elevator Information</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Freight Elevator Dimensions and Times for Exclusive Use
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CAR 18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CAR 19</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service Floors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">SC-31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">C-31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rated Capacity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">5,000 lbs</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">4,000 lbs</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dimensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ext. Door Height</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">8&#146;0&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">8&#146;0&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ext. Door Width</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">4&#146;5&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">4&#146;0&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interior Height:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">11&#146;5&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">11&#146;5&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interior Width</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">9&#146;4&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">8&#146;0&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interior Depth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">5&#146;5&#148;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER">5&#146;3&#148;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Elevator hours are from 8am-6pm, Monday through Friday. Service outside of these hours can be
arranged with the building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Only general pickups and deliveries are permitted during normal business hours. Any major
deliveries or removals must be scheduled for times other than the normal operating hours. We will
not permit any more than two to three trips during regular business hours since this would
inconvenience the other tenants in the building. A list of those individuals who are authorized to
reserve the freight car must be submitted before the Building Office will reserve the elevator if a
completed sheet is not already on file.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In terms of weight distribution for freight elevator cabs, the weight of any single piece of
freight or of any single hand truck and its load is not more than 25% of the rated load of the
elevator, and the load is handled on and off the car platform manually or by means of hand trucks.
For this class of loading, the rated load shall be based on not less than 49 lbs per ft of inside
net platform area.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Oversized items requiring opening of the hatch must be arranged in advance. The elevator hatch
access will not be permitted for any reason unless an elevator mechanic is present. Arrangements
for this service must be made at least 24 hours in advance. The freight car is booked on a first
come-first serve basis and no passenger elevators will be used to carry freight.
<BR>
<BR>
<U><B>Lighting Systems</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To be determined at a later date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Acoustical Tile</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">2 x 2 Armstrong tile (#BP 1792)
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Window Solar Film</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To be approved by Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Window Treatment</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To be approved by Landlord.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XII &#151; 47

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Hardware/Locking System</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To facilitate the Tenant&#146;s construction schedule, the building standard hardware can be
obtained through the Building&#146;s approved locksmith hardware provider who already has our key
system in place.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">If another hardware provider will be used, the Tenant should review the key requirements and
key bitting sequence that should be used with the Building&#146;s in-house locksmith. All keys will
be keyed to permit access via the floor master and the building&#146;s Grand Master.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">All proposed door handles, hinge tension, etc. shall comply with the Americans with
Disabilities Act (ADA). No double cylinder deadlocks are permitted; single cylinder deadlocks
only. If unicam locks are to be installed, they must be equipped with a Primus cylinder to
permit a key override.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><u><B>Restroom Standard Fixtures</B></u>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px">Faucets:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sloan, TEL70AV100</TD>
</TR><tr>
<td>&nbsp;</td>
</tr>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px">Water Closet Flushometer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sloan, EBV-60A</TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-0px">Urinal Flushometer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sloan, Optima Flush Valve #EBV-89A-M-Pro</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Signage</B></U>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">We are in the process of developing standards.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Indoor Air Quality (IAQ)&nbsp;Compliant Building Products</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To maintain a positive IAQ and reduce the impacts of emissions from materials, employ the
following sustainable criteria when choosing these products:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Paint and coatings with VOC emissions that do not exceed VOC limits of Green Seal&#146;s
Standard GS-11 requirements</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Carpet and Carpet Cushion that meets the requirements of the CRI Green Label Testing
Program</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Composite panels (MDF, OSB, plywood) and agrifiber products that contain no added
urea-formaldehyde</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Adhesives and sealants that comply with the VOC content limits of South Coast Air Quality
Management District (SCAQMD)&nbsp;Rule #1168</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Lighting that use reduced mercury content of less than 80 picograms per lumen hour of
light output</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XIII &#151; 48

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Appendix&nbsp;A:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Waste Tracking<BR>
Worksheet (WTW)</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Attached after this page

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">85 Broad Street &#151; Standards, Specifications &#038; Guidelines for Building Alterations<BR>
Section&nbsp;XIV &#151; 1

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Jones Lang LaSalle
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Appendix&nbsp;B:</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Sample Certificate of
Insurance</B></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Attached after this page
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RULES AND REGULATIONS
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Fire exits and stairwells (other than interior stairwells) are for emergency use only,
and they shall not be used for any other purposes by the tenants, their employees,
licensees, or visitors.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Entrances, corridors, elevators, escalators and other similar areas of the building
shall not be obstructed by tenants or their officers, agents, servants, visitors and
employees, or used for any other purpose other than ingress and egress to and from the
premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord reserves the right to control and operate the public portions of the building
and the public facilities, as well as facilities furnished for the common use of the
tenants, in such manner as it reasonably deems best for the benefit of the tenants
generally.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord may refuse admittance to the Building of any person not having a valid access
card issued by Landlord, or to individuals not properly identified and processed through
the Building security procedures in effect.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall be responsible for their employees, agents, service providers and visitors
and shall be liable to landlord for all acts of such persons in the building. Outside of
ordinary business hours tenants employees (employees with valid ID cards will be permitted
to access the building at all times) agents, service providers, and visitors shall be
permitted to enter and leave the building whenever appropriate arrangements have been
previously made between landlord and tenant with respect thereto.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord reserves the right to refuse access to any persons Landlord in good faith
judges to be a threat to the safety, reputation, or property of the Building and/or its
occupants. In case of invasion, riot, public excitement or other commotion, landlord may
prevent all access to the building during the continuance of the same, by closing the doors
or otherwise, for the safety of the tenants and protection of property in the building.
Landlord shall, in no way be liable to Tenant for damages or loss arising from the
admission, exclusion or ejection of any person to or from the tenant&#146;s premises or the
building under the provisions of this rule.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No tenant shall invite to the tenant&#146;s premises, or permit the visit of persons in such
numbers or under such conditions as to violate local codes, unreasonably interfere with the
use and enjoyment of any of the plazas, entrances, corridors, escalators, elevators and
other facilities of the building or by other tenants.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Canvassing, soliciting and peddling in or about the Building is prohibited.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall have the right to require that all messengers and other Persons
delivering packages, papers and other materials to Tenant be directed to deliver such
packages, papers and other materials to a person designated by Landlord who will distribute
the same to Tenant, or be escorted by a person designated by Landlord to deliver the same
to Tenant.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord may require any person leaving the building with any package or other object
to exhibit a pass from the Tenant from whose premises the package or object is being
removed. The establishment and enforcement, or failure to enforce, such requirement shall
not impose any responsibility on landlord for the protection of any tenant against the
removal of property from the premises of the tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All entrance doors in each tenant&#146;s premises shall be kept locked when the tenant&#146;s
premises are not in use. Entrance doors shall not be left open at any time unless
permitted under applicable legal requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No locks or bolts, card or other security access systems shall be installed or changed
on any of the doors or windows in Tenant&#146;s premises, unless landlord shall be furnished
with a duplicate key, security code or card key for use in the case of emergencies where no
representative of tenant is available to provide landlord with such access to the premises
and provided further that such arrangements made by tenant satisfy applicable legal
requirements. On multi-tenanted floors, duplicate keys for toilet rooms shall be procured
only from landlord, which may make a reasonable charge therefore.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Upon the termination of tenant&#146;s lease, all keys to the tenants premises and toilet
rooms<U> </U>shall be delivered to landlord. Tenant shall be responsible for the cost of
replacing any keys that are lost.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Furniture, significant freight and equipment shall be moved into or out of the Building
only with the Landlord&#146;s knowledge and consent (which consent shall not be unreasonably
withheld, conditioned or delayed), and subject to such reasonable limitations, techniques
and timing, as may be designated by Landlord. Tenant shall be responsible for any damage
to the Building arising from any such activity.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not bring or keep animals within the Building (except for animals
assisting handicapped persons), and shall not bring bicycles, motorcycles or other vehicles
into portions of the Building that are not designated as authorized for same, except as
otherwise mandated by law.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not make, suffer or permit litter except in appropriate receptacles for
that purpose.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">This is a non-smoking building in accordance with Local Law #47. Tenant shall not
suffer or permit smoking or carrying of lighted cigar or cigarettes anywhere in the
building</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not make or permit any unreasonable noise or odors, which in the
reasonable judgment of Landlord, might disturb or interfere with other tenants or persons
having business in the building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No cooking shall be done in tenant&#146;s premises except as expressly approved by Landlord,
provided, however, the use of a microwave and other equipment customarily installed in
pantries shall be permitted.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No tenant, employee or invitee shall go upon the roof or other mechanical areas of the
Building, except as otherwise required in connection with the exercise of rights granted
under the lease.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The cost of repairing any damage to the public portions of the building or the public
facilities or to any facilities used in common with other tenants, caused by a tenant or
the employees, licensees or visitors of the tenant, shall be paid by such tenant.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No awnings or other projections over or around the windows shall be installed by any
tenant and only such window blinds as are supplied, or permitted by Landlord in its
reasonable judgment shall be used in a tenant&#146;s premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Only hand trucks equipped with rubber tires and side guards shall be used in any space,
or in the public halls of the building, either by tenant or service providers, in the
delivery or receipt of merchandise or mail.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Nothing shall be done or permitted in any tenant&#146;s premises and nothing shall be
brought into or kept in any tenant&#146;s premises which would impair or interfere (other than
to a de minimis extent) with any of the building services of the proper economic heating,
cleaning or other service of the building or to the premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not use any method of heating or air conditioning other than as provided
by Landlord or any dedicated system approved by Landlord, which approval shall not be
unreasonably withheld, conditioned or delayed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All windows in each tenant&#146;s premises shall be kept closed at all times, and all blinds
or drapes shall be lowered or closed when and as reasonably required because of the
position of the sun, so as not to interfere with the operation of the building air
conditioning system to cool or ventilate the tenant&#146;s premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No dangerous, flammable, combustible or explosive object or material shall be brought
into the building by tenant without Landlord&#146;s knowledge or approval<U>,</U>. Tenant shall
comply with all local and government codes in the maintenance and reporting all hazardous
chemicals as required.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No damaging acids, vapors or other materials shall be discharged or permitted to be
discharged into the waste lines, vents or flues of the building. Tenant shall be
responsible for the inappropriate use of any toilet rooms, plumbing or other utilities. No
foreign substances of any kind are to be inserted therein. All damages resulting from any
misuses of the fixtures shall be borne by the tenant who, or whose servants, employees,
agents, visitors or licensees, shall have caused the same.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not suffer or permit anything in or around the Premises that causes
excessive vibration or floor loading in any part of the Building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall not perform core drilling, chopping, boring, orcutting, without Landlord
consent not to be unreasonably withheld.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No signs, advertisement, notice or other lettering shall be exhibited, inscribed,
painted or affixed by any tenant on any part of the outside or inside of the premises or
the building without the prior written consent of landlord. In the event of the violation
of the
foregoing by any tenant, landlord may (after appropriate notice and cure period subject to
lease agreement) remove the same without any liability, and may charge the actual expense
incurred by such removal to the tenant or tenants violating this rule. Interior signs and
lettering on doors and elevator lobbies on multi-tenanted common areas shall be of a size,
color and style reasonably acceptable to landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No tenant shall use or occupy, or permit any portion of the premises demised to such
tenant to be used or occupied as an office for a public stenographer or typist, or as a
barber or manicure shop, or as an employment bureau. No tenant or occupant shall engage or
pay any employees in the building, except those actually working for such tenant or
occupant in the building or advertise for laborers giving an address at the building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">No premises shall be used or permitted to be used, at any time, as a store for the sale
or display of goods or merchandise of any kind, or as a restaurant, shop, booth, or stand,
or for the conduct of any business or occupation which involves direct patronage of the
general public on the premises demised to such tenant, or for manufacturing or for other
similar purposes.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">34.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall have the right to prohibit any advertising that identifies the building
by any tenant which impairs the reputation of the building or its desirability as a
building for offices, and upon written notice from landlord, tenant shall refrain from our
discontinue such advertising., provided, however, tenant shall have the right to use the
building address and name as its business address.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">35.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The requirements of tenants will be attended to only upon request to the office of the
building. Employees of landlord shall not perform any work or do anything outside of the
regular duties, unless under special instructions from the office of the landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">36.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall, at its expense, provide artificial lights in the premises demised to such
tenant for landlord&#146;s agents, contractors and employees use while performing janitorial or
other cleaning services and making repairs or alterations in said premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">37.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall separate all refuse and rubbish of tenant in accordance with the methods
and procedures set forth, from time to time, by landlord and its carting agent in its
reasonable judgment. Any and all wet and/or food garbage, including coffee grinds, is to
be deposited in a plastic liner bag in a waste basket or other receptacle.<U> </U>Tenant
shall comply with all<U> </U>safety, fire protection and evacuation regulations
established by Landlord or any applicable governmental agency, and cooperate with landlord
in the testing and servicing of the Building&#146;s fire life safety system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">38.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord reserves the right to make such other reasonable rules and regulations as it
may from time to time deem necessary for the appropriate operation and safety of the
Building and its occupants. Landlord shall provide Tenant with copies of any new and/or
modified rules or regulations prior to the effective date thereof. Tenant agrees to abide
by these and such other rules and regulations.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT C
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CLEANING SPECIFICATIONS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SUITE AREAS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>NIGHTLY SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All hard surfaced flooring to be swept.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Carpet sweep all carpeted areas.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Empty all standard waste paper baskets and wipe clean</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clean and sanitize telephones.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Remove all trash from floors to designated areas.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Restore chairs and waste baskets to proper positions.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wipe clean smudges on bright work.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clean water fountains.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Vacuum all carpeted private stairwells nightly and keep in clean condition.
Uncarpeted stairwells should be vacuumed or swept nightly using approved dust-down
preparation.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U><B>WEEKLY SERVICES</B></U>:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Vacuum all carpeted areas.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Dust and wipe clean all horizontal and vertical surfaces to include desks and
office furniture, fixtures, horizontal surfaces of window frames, window sill and
convector enclosures with treated dust cloths within hand reach. Dust all chair rails,
trim and baseboards as necessary.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>QUARTERLY SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Dust all high reach areas including, but not limited to top of door frames,
air-conditioning diffusers, return air louvers, picture frames and similar wall
hangings.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hand dust Venetian blinds.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U><B>SEMI-ANNUAL SERVICES:</B></U></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clean the building envelope windows (interior &#038; exterior) twice a year.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>CORE (BASE BUILDING) RESTROOMS</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>NIGHTLY SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Empty and sanitize all waste receptacles including sanitary receptacles.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sweep and wet mop all restroom floors with germicidal floor cleaner.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wash and polish all mirrors.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wash shelf bright work and enamel surfaces.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wash and disinfect urinals, sinks and commodes with germicidal detergent
solution and de-scaler.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Replace all consumable toilet supplies using Tenant&#146;s supply.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Report clogged urinals, sinks and commodes.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Clean fingerprints, marks and graffiti from walls, partitions, glass, aluminum
and light switches.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Hand dust and clean, washing where necessary, all dispensers and receptacles in
all core lavatories.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Day porter to fill soap dispensers and paper towel and toilet tissue in men&#146;s
core lavatories. If required waste cans and receptacles to be emptied. Core
lavatories to be visited and policed a minimum of once per day (in addition to the base
building nightly cleaning as outlined in A through I above, and K below). Sufficient
day matrons will be assigned by the Building to inspect all ladies&#146; core lavatories at
least once per day(in addition to the base building nightly cleaning as outlined in A
through I above, and K below) and shall perform the same services as the Day porters.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">K.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Freight elevator lobbies to be swept and mopped daily, spray buffed and washed
monthly and waxed quarterly.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>MONTHLY SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wash all restroom partitions and lavatory walls on all sides using a germicidal
disinfectant.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Machine scrub all restroom floors using a germicidal floor cleaner.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>QUARTERLY SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Dust all low and high reach areas including but not limited to ledges, mirrors,
partition tops, edges, air conditioner diffusers, exhaust and exhaust grilles.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>ANNUAL SERVICES:</B></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Wash restroom lighting fixtures.</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT CA
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FORM OF CONFIDENTIALITY AGREEMENT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>85 Broad Street LLC</B><BR>
c/o Metropolitan Life Insurance Company<BR>
10 Park Avenue<BR>
Morristown, New Jersey 07962
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20__
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Re: </B><U><B>Confidentiality Agreement</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to Section&nbsp;48.05 of that certain Lease, dated as of July
&nbsp;_____, between Viner Finance
Inc. (the &#147;Company&#148;) and 85 Broad Street LLC (the &#147;Landlord&#148;) for certain space at 85 Broad Street,
New York, New York (the &#147;Property&#148;), the Company is obligated to provide to Landlord certain
non-public, confidential, proprietary financial information with respect to the Company and its
affiliates (&#147;Confidential Information&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Landlord agrees not to disclose any Confidential Information to any person other than (i)&nbsp;any
direct or indirect partner, member, shareholder, director, officer, employee, affiliate,
representative, agent, advisor or consultant of Landlord or of any existing or prospective lender,
investor or purchaser of the Property (or Landlord&#146;s interest therein) on a &#147;need-to-know&#148; basis
(Landlord and all of the foregoing persons and entities are hereinafter collectively referred to as
&#147;Receiving Parties&#148;), (ii)&nbsp;as required by any statute, law, order, rule, regulation, ordinance or
other legal requirement or (iii)&nbsp;as Landlord or any other Receiving Party may become legally
compelled to disclose pursuant to a subpoena, civil investigative demand (or similar process),
court order, interrogatories, or other legal process. Landlord shall disclose the sensitive nature
of the Confidential Information to the Receiving Parties and will direct each Receiving Party to
treat such information as confidential and to otherwise comply with the terms of this letter
agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If Confidential Information is to be disclosed pursuant to clause (iii)&nbsp;of the foregoing
paragraph, Landlord will, to the extent practicable, promptly notify the Company thereof and
cooperate with the Company (at the Company&#146;s expense) to the extent legally permissible if it
should seek to obtain an order or other reliable assurance that confidential treatment will be
accorded to designated portions of the Confidential Information. Landlord shall be entitled to
reimbursement, upon demand, from the Company for costs and expenses incurred by it or any
other Receiving Party, including the reasonable fees and actual out-of-pocket expenses of
counsel, in connection with any action taken pursuant to this paragraph.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Notwithstanding anything to the contrary contained herein, information will not be deemed
Confidential Information if it (i)&nbsp;was already available to, or in the possession of, or known by,
Landlord or any other Receiving Party prior to its disclosure by the Company pursuant to the Lease,
(ii)&nbsp;is currently in the public domain or becomes available in the public domain on or after the
date hereof (other than as a result of a disclosure which violates this letter agreement), or (iii)
is acquired from a person or entity who is not known by Landlord to be in breach of an obligation
of confidentiality to the Company. Landlord agrees that the Company, without prejudice to any
rights to judicial relief it may otherwise have, shall be entitled to seek equitable relief,
including injunction, in the event of a breach of any provisions of this letter agreement without
proof of actual damages. Notwithstanding anything to the contrary in this letter agreement, upon
the Company&#146;s written demand, each Receiving Party will promptly return to the Company or destroy
all Confidential Information previously delivered to such Receiving Party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Tenant&#146;s recourse against Landlord under this letter agreement is subject to, and limited by,
the provisions of Section&nbsp;20.01 of the Lease and such provisions are incorporated herein by
reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The provisions of this letter agreement shall remain in effect until the earlier of the date
(i)&nbsp;that such information is no longer Confidential Information within the meaning of this
agreement or (ii)&nbsp;that is eighteen (18)&nbsp;months from the date of the execution of this agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This letter agreement shall be governed and construed in accordance with the laws of the State
of New York without giving effect to the conflicts of laws principles thereof. This letter
agreement contains the entire agreement between the parties with respect to the subject matter
hereof. This letter agreement may be executed in multiple counterparts, each of which shall
constitute an original and all of which, when taken together, shall constitute one and the same
instrument. The agreements set forth in this letter agreement may be modified or waived only by a
separate writing between Landlord and the Company expressly so modifying or waiving such
agreements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Please execute this letter agreement in the space provided below to evidence your agreement to
the foregoing.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">85 Broad Street LLC<B>,</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware limited liability company</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">85 Broad Street Mezzanine LLC,<BR>
its sole member</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Metropolitan Life Insurance Company,<BR>
its sole member</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>AGREED TO AND ACCEPTED:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Viner Finance Inc.,<BR>
a Delaware corporation

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">
EXHIBIT CO<BR>
<BR>
PRE-APPROVED CONTRACTORS<BR>
<BR>
<b>&#091;See attached&#093;</b>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT D
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">LEGAL DESCRIPTION OF LAND
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ALL that certain lot, plot, piece or parcel of land, with the buildings, structures and
improvements thereon erected, situate, lying and being in the Borough
of Manhattan, City, County
and State of New York.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
BEGINNING at the corner formed by the intersection of the northerly side of Pearl Street with
the easterly side of Broad street;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Running thence northerly, along the easterly line of Broad Street, 68.00 feet to a point;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence easterly, at right angles to the preceding course, 7.50 feet to a point;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Thence northerly, along the easterly line of Broad Street and at right angles to the preceding
course, 40.00 feet to a
point;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Thence westerly, at right angles to the preceding course, 7.50 feet to a point;<BR>
<BR>

Thence northerly, along the easterly line of Broad Street and at right angles to the preceding
course, 128,09 feet to a point in the southerly line of South William Street.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Thence easterly, along the southerly line of South William Street and
forming an angle of 109
degrees 27 minutes 57 seconds on its southerly side with the
preceding course, 94.54 feet to an
angle point therein;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;legal description continues on following page&#093;
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence still easterly, along the southerly line of South William Street and forming an angle of
187 degrees 20 minutes 55 seconds on its southerly side with the preceding course, 114.03 feet to a
point;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence southerly, along a line forming an angle of 91 degrees 14 minutes 00 seconds on its westerly
side with the preceding course, 6.10 feet to a point;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence still southerly, forming an angle of 175 degrees 24 minutes 30 seconds on its westerly side
with the preceding course, 83.40 feet to a point in the northerly line of Stone Street;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence still southerly, along the westerly line of Stone Street and forming an angle of 153 degrees
30 minutes 16 seconds on its westerly side with the preceding course, 42.13 feet to a point in the
westerly line of Coenties Alley;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence still southerly, along the westerly line of Coenties Alley and forming an angle of 198
degrees 05 minutes 24 seconds on its westerly side with the preceding course, 37.55 feet to an
angle point therein;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence still southerly, along the westerly line of Coenties Alley and forming an angle of 187
degrees 59 minutes 20 seconds on its westerly side with the preceding course, 19.09 feet to an
angle point therein;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Thence still southerly, along the westerly line of Coenties Alley and forming an angle of 187
degrees 17 minutes 25 seconds on its westerly side with the preceding course, 51.14 feet to a point
in the northerly line of Pearl Street;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Thence westerly, along the northerly line of Pearl Street and forming an angle of 97 degrees 44
minutes 26 seconds on its northerly side with the preceding course, 84.22 feet to an angle point
therein;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Thence still westerly, along the northerly line of Pearl Street and
forming an angle of 154 degrees
33 minutes 55 seconds on its northerly side with the preceding course, 206.48 feet to the point or
place of BEGINNING.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT LW
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">LANDLORD&#146;S WORK
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;&#147;Landlord&#146;s Required Work&#148; shall mean the following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall furnish and install the submeters and submetering system to measure
Tenant&#146;s Usage and coincidental demand in the demised premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall furnish and install a sub-metering system to measure usage in kWH and
coincidental demand in kW. Coincidental demand shall be equivalent to the peak demand in
kW for the entire premises as if measured via a single sub-meter. The sub-metering system
will also be capable of measuring the coincidental peak demand of a designated sub-set of
sub-meters through which Tenant will utilize EPS power. A separate submeter shall be
installed at each bus duct switch and at the UPS input switch board.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall provide all required base building fire alarm devices, including but not
limited to area smoke detectors and fire warden stations in elevator lobbies, manual pull
stations and speaker strobes at doors to fire stairs, strobes in core toilet rooms, area
smoke detectors in electric and telecommunication closets, duct smoke detectors and
fire/smoke dampers at supply and return ducts point of entry from the riser shafts and
sprinkler water flow and tamper switches. All devices shall be installed as per Code and
ADA requirements. Landlord shall also provide required connection points for tie-ins on
each floor of Tenant&#146;s speaker strobes, smoke detectors and subsystems in connection to the
Building&#146;s fire alarm system.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All building systems (except for the existing supplemental HVAC units servicing the
demised premises) shall be in good operating condition.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The perimeter radiation heating systems and convector covers shall be<U> </U>completely
cleaned and placed in good working order/condition and ready to receive Tenant&#146;s finishes,
but Landlord shall not be required to strip, prep or prime convector covers. Any bent fins
and/or loose/displaced covers shall be repaired or replaced.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The demised premises, including the internal stairwell located in the demised premises,
shall be delivered in compliance, to the best of Landlord&#146;s knowledge, with all applicable
Legal Requirements, including but not limited to the New York City fire building code and
the local laws pertaining thereto and a Certificate of Occupancy. The common areas of the
Building affecting the demised premises<U> </U>shall comply with Title III of the
Americans with Disabilities Act.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All Code required base-building fire/smoke dampers are to be installed by the Landlord
completely installed and wired to fire alarm system, if required by code.</DIV></TD>
</TR>

</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall slab over internal convenience stairs between Tenant&#146;s floors and
non-tenant floors to meet or exceed minimum fire ratings. Flooring on 22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> and
2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP>Floors shall be poured concrete, ready to receive Tenant finishes. Ceiling
of 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>and 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>Floors shall be metal decking with fireproofing.
Landlord to add an exhaust to the ceiling of the top-most floor of the convenience stairs
within the demised premises (i.e., the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor and the 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> floor)
to meet code. The work described in this bullet-point is called the &#147;Stairwell Work&#148;.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Fire stair and convenience stair doors and hardware to be rated and labeled. The
Landlord shall replace doors, frames and hardware not meeting minimum fire rating as
required by code.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Remove mail chute doors and sheet rock over openings at shaft wall to create required
fire rating. Access door as shown on Exhibit&nbsp;AD attached hereto to be secured by Landlord.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Remove conveyor belts that protrude into Tenant&#146;s space.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord to remove all wiring and equipment in 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor telephone room.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall lock-off access to the 22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> floor by the elevators serving the
&#147;mid-rise&#148; floors of the Building.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;&#147;Landlord&#146;s Work&#148; shall mean all of &#147;Landlord&#146;s Required Work&#148; described above, as well as the
work described below which shall not constitute &#147;Landlord&#146;s Required Work&#148;:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall remove the vertical wiring, to the extent determined in Landlord&#146;s
discretion, without disturbing Tenant installation.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall in the ordinary course of business repair or replace all windows that are
damaged as of the date of this Lease.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall in the ordinary course of business &#147;close out&#148; applications that have
been filed with the DOB (except any such applications relating to work performed or to be
performed by or on behalf of Tenant).</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT LW-2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">LOBBY WORK
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Landlord to perform general cosmetic enhancements to the Building&#146;s lobby, elevator cabs and
outdoor arcade; provided, that the exact scope and details of such work shall be in Landlord&#146;s
reasonable discretion in consultation with Tenant (but Tenant shall have no approval right with
respect thereto).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following items shall constitute the &#147;Required Lobby Work&#148; subject to the applicable provisions
of the Lease relating thereto:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New lobby desk;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New canopy for the front of the Building on the Broad Street side;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New lighting and fixtures around the exterior of the Building;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New lighting and fixtures in the interior lobby of the Building;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New lighting and fixtures in the lobby elevator bank areas;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New turnstiles in the lobby of the Building; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">New stone flooring at the elevator bank.</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT MSC
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">MECHANICAL SYSTEMS CRITERIA
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">DESIGN CRITERIA</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">HVAC &#151; General</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The hours of operation of the basic HVAC systems will be 8:00
AM to 6:00 PM Monday through Friday</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The base building HVAC system (perimeter and interior) shall be
capable of maintaining the building&#146;s performance criteria year-round. The
outside summer condition is 92<FONT style="font-family: Symbol">&#176;</FONT>F db, 75<FONT style="font-family: Symbol">&#176;</FONT>F wb, indoor condition of
75<FONT style="font-family: Symbol">&#176;</FONT>F &#043;/-2 db and 50% relative humidity, maximum, with a population
density not in excess of one person per 143 usable square feet and 5 watts/sf
of internal heat gain, provided Tenant provides sufficient supplemental HVAC to
address loads above normal office use (e.g. trading floor, large conference
rooms, data rooms, etc), and provided that shades are in the closed position to
minimize sun load. The winter outdoor condition is 5<FONT style="font-family: Symbol">&#176;</FONT>F and the indoor
condition is 72<FONT style="font-family: Symbol">&#176;</FONT>F <FONT style="font-family: Symbol">&#177;</FONT>2.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The refrigeration plant must be able to operate all year to
achieve the above stated conditions regardless of season.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall not permit equipment within the Building on the
27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floor or the 21<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> floor to generate noise levels
greater than NC-40.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Static pressure for interior duct system shall be a minimum of
1inch downstream of all dampers, appurtenances, etc.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">System shall deliver outside air at a quantity not less than 20
cfm per person to entire OPCO premises based on an occupancy of one person per
143usf.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All core restrooms shall have an exhaust air quantity of a 40
CFM per fixture including any expanded rooms to accommodate the Tenant&#146;s
proposed occupancy. Tenant shall be permitted to connect into the toilet
exhaust system for its additionally constructed toilet facilities, etc., as
part of the initial fit-out. Any additional exhaust capacity not available in
the existing system and required by code, for Tenant&#146;s additional toilet
facilities, shall be at Tenant&#146;s expense.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">After-hours and additional mechanical services: Base building
perimeter and interior HVAC system shall be capable of isolating individual
floors for after-hours operation. The building shall charge OPCO per hour of
overtime air conditioning and ventilation. Refer to article 27 for pricing.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The chilled water for supplemental air conditioning services
provided to the premises shall be metered and billed based on actual
consumption
as measured by a BTU meter. OPCO shall not be required to install pumps, all
pumping distribution via the base building pumps. The building shall charge
OPCO on a ton/hour basis. Refer to article 27 for pricing.</DIV></TD>
</TR>


</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Electricity &#151; General</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The sub-metering system will also be capable of measuring the
coincidental peak demand of a designated sub-set of sub-meters through which
Tenant will utilize EPS power. Totalized demand will be basis of the annual
charge for connection to the EPS.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall dedicate the following feeders (risers)&nbsp;to
Tenant&#146;s exclusive use provided Tenant leases the UPS Space.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">One of the two existing utility feeders to the
UPS Room.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">One of the two existing generator power feeders
to the UPS Room.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Four existing 200 Amp feeders from the UPS Room
to the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">One existing 200 Amp feeder from the UPS Room
to the 24<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">One existing 400 Amp feeder from the UPS Room
to a splice box on the 7<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">One existing 400 Amp feeder from the UPS Room
to the 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The two Emergency Power Systems (EPS-A and
EPS-B) currently installed in the building are connected to the bus
ducts which serve the Tenant floors via a system of transfer relays.
Bus duct A is energized by EPS-B. Bus duct C is energized via EPS-A.
Prior to the commencement date, Landlord at Landlord&#146;s cost shall fully
test not less than two generators in each EPS including but not limited
to the engine/generator, paralleling switchgear, transfer switches,
transfer relays, controls, fuel transfer system, etc. Such procedures
shall include but not limited to monthly start-up of the four
designated generators, verifying the two machines in each EPS parallel
to each other and connect to the generator switchgear input bus, and
then operating each generator individually on the load bank for 30
minutes. In addition there shall be four annual preventive maintenance
services performed by the generator manufacturer or qualified
manufacturer representative and an annual Integrated System Test (IST)
performed by the manufacturers of the generator or qualified
manufacturer representative, paralleling switchgear and transfer
switches. As part of the IST the plant
shall be operated at full load for a minimum of four hours.</DIV></TD>
</TR>


</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">BUILDING SERVICES</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Mechanical</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The chilled water provided to the premises for supplemental air
conditioning shall be metered and billed to Tenant based on actual consumption
as measured by a BTU meter.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall permit the cable television company serving the
area to provide cable television services to all floors within the demised
premises.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Subject to compliance with code, availability of space and
Landlord&#146;s reasonable discretion, Landlord shall provide space for outside
communications services required by Tenant such as NYNEX, MFS, MCI and Verizon
at multiple POE&#146;s.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Landlord shall permit the installations of Teflon insulated low
voltage cabling in the ceiling plenums and raised floor plenum without conduit
as permitted by code.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant shall be permitted within Tenant&#146;s Premises or core
closets to use BX cable wherever permitted by New York City Electric Code.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the event of a power outage, the Landlord shall use
reasonable efforts at market rates to operate the base building life safety
generator and the EPS on a continuous basis until power is restored. Landlord
shall use reasonable efforts at market rates to arrange for resupply of the
onsite fuel system as needed for such continuous operation, failing which
Tenant shall be permitted to arrange for resupply of the onsite fuel system
using oil that is of consistent grade and quality as the fuel supplied by
Landlord&#146;s vendor, at Landlord&#146;s cost with reimbursement to Tenant not to
exceed market rates.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">III.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">ROUTING OF SERVICES OUTSIDE OF TENANT SPACE</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Upper floor stack (3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> to 22-26) &#151; Three (3)&nbsp;conduits 4 inch per riser closet
(Closets A and C), total six (6)&nbsp;4 inch conduits per floor. Landlord will provide access
and pathway for one riser shaft in Closet C no later than September&nbsp;15, 2011 (the &#147;September
15 Obligation&#148;) and access and pathway for one riser shaft in Closet A no later than October
1, 2011 (the &#147;October 1 Obligation&#148;)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Lower floor stack (3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> to 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> FL, BS1, BS2 and POE) &#151; Pearl Street
POE (through Closet B) has been identified for Tenant to install one conduit and inner duct
at Tenant&#146;s cost and will be available following the Commencement Date. Broad Street POE
(through Closet A) has been identified and will be made available to Tenant no later than
August&nbsp;22, 2011 (the &#147;August&nbsp;22 Obligation&#148;; the September&nbsp;15 Obligation, the October 1
Obligation and the August&nbsp;22 Obligation are each a &#147;Riser Delivery
Obligation&#148;)). Two (2)&nbsp;conduits 4 inch per riser closet, total four (4)&nbsp;4 inch conduits per
floor. The planned use of the (2)&nbsp;conduits is as follows 1) &#151; fiber 2) copper
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">In addition, Landlord will provide adequate space for CATV and building services, outside of
Tenant&#146;s conduit. Such services may serve the entire Building and associated tenants.
Landlord reserves the right to charge market rates for the service providers use of riser
space.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">IV.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">TELECOMMUNICATIONS</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Tenant reserves the right at its own expense to deliver copper and
fiber services from one or more additional service providers in the
building and to extend these services into the demised premises and no
other space in the Building, subject to Landlord&#146;s reasonable approval
of the service provider. The work may include the establishment of a
second point of entry subject to Tenant&#146;s compliance in all respects
with the provisions of this Lease applicable to the performance of
Tenant Alterations.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV><P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT NDA
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FORM OF ACCEPTABLE NON-DISTURBANCE &#038; ATTORNMENT AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">RECORDING REQUESTED<BR>
BY AND WHEN<BR>
RECORDED RETURN TO:

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, Esq.<br>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><br>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><br>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">SUBORDINATION,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NONDISTURBANCE<BR>
AND ATTORNMENT AGREEMENT
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>NOTICE:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV align=justify><B>THIS SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT RESULTS IN YOUR LEASEHOLD
ESTATE IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER
OR LATER SECURITY INSTRUMENT.</B></DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">DEFINED TERMS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Execution Date: As of _______________, 20____.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Lender &#038; Address:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Tenant &#038; Address:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004<BR>
Attn: Mr.&nbsp;David Rogers

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">with a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004<BR>
Attn: Dennis McNamara, Esq.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">and:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ingram Yuzek Gainen Carroll &#038; Bertolotti, LLP<BR>
250 Park Avenue, Sixth Floor<BR>
New York, New York 10177<BR>
Attn: Shane O&#146;Neill, Esq.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Landlord &#038; Address:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad Street LLC<BR>
c/o Metropolitan Life Insurance Company<BR>
10 Park Avenue<BR>
Morristown, NJ 07962<BR>
Attn: Officer-In-Charge

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>with a copy to:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c/o Metropolitan Life Insurance Company</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10 Park Avenue</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Morristown, NJ 07962</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attn: Chief Real Estate Counsel</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Loan: </B>A first mortgage loan in the original principal amount of $_____&nbsp;
from Lender to Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note: </B>A Promissory Note executed by Landlord in favor of Lender in the amount of the Loan dated as
of
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mortgage: </B>A Mortgage, Security Agreement and Fixture Filing dated as of
&nbsp;_____&nbsp;
executed by Landlord, to Lender securing repayment of the Note to be recorded in the records of the
County in which the Property is located.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Lease and Lease Date: </B>The lease entered into by Landlord and Tenant dated as of

&nbsp;_____&nbsp;
covering the Premises.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>Property:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">85 Broad Street</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York, NY 10004</DIV></TD>
</TR><tr>
<td>&nbsp;</td>
</tr>

<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The
Property is more particularly described on <u>Exhibit&nbsp;A</u>.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>THIS SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT </B>(the &#147;Agreement&#148;) is made by and
among Tenant, Landlord, and Lender and affects the Property described in <U>Exhibit&nbsp;A</U>.
Certain terms used in this Agreement are defined in the Defined Terms. This Agreement is entered
into as of the Execution Date with reference to the following facts:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A.&nbsp;Landlord and Tenant have entered into the Lease covering certain space in the improvements
located in and upon the Property (the &#147;Premises&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">B.&nbsp;Lender has made or is making the Loan to Landlord evidenced by the Note. The Note is
secured, among other documents, by the Mortgage.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">C. Landlord, Tenant and Lender all wish to subordinate the Lease to the lien of the Mortgage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">D.&nbsp;Tenant has requested that Lender agree not to disturb Tenant&#146;s rights in the Premises
pursuant to the Lease in the event Lender forecloses the Mortgage, or acquires the Property
pursuant to the power of sale contained in the Mortgage or receives a transfer of the Property by a
conveyance in lieu of foreclosure of the Property (each, a &#147;Foreclosure Sale&#148;) but only if Tenant
is not then in default beyond applicable notice and grace periods under the Lease and Tenant
attorns to Lender or a third party purchaser at the Foreclosure Sale (a &#147;Foreclosure Purchaser&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, the
parties agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;<U>Subordination</U>. Subject to the terms of this Agreement, the Lease and the leasehold
estate created by the Lease and all of Tenant&#146;s rights under the Lease are and shall remain
subordinate to the Mortgage and the lien of the Mortgage, to all rights of Lender under the
Mortgage, to all renewals, amendments, modifications, restatements, consolidations and extensions
of the Mortgage and to all present or future advances thereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;<U>Acknowledgements by Tenant</U>. Tenant agrees that: (a)&nbsp;Tenant has notice that the
Lease and the rent and all other sums due under the Lease have been or are to be assigned to Lender
as security for the Loan. In the event that Lender notifies Tenant of a default under the Mortgage
and requests Tenant to pay its rent and all other sums due under the Lease to Lender, Tenant shall
pay such sums directly to Lender or as Lender may otherwise request (it being understood and agreed
that Tenant shall have no responsibility to ascertain whether such notice by Lender is permitted
under the Mortgage, or to inquire into the existence of a default, and Landlord hereby waives any
right, claim, or demand it may now or hereafter have against Tenant by reason of such payment to
Lender, and any such payment shall discharge the obligations of Tenant to make such payment to
Landlord); (b)&nbsp;Tenant shall send a copy of any notice of default under the Lease to Lender at the
same time Tenant sends such notice to Landlord; (c)&nbsp;Lender shall have the right to remedy any
Landlord default under the lease, or to cause any default of Landlord to be remedied, within the
longer of (i)&nbsp;30&nbsp;days following Lender&#146;s receipt of a copy of
a notice of the applicable default sent by Tenant (provided such 30&nbsp;day period shall be extended
for an additional 30&nbsp;days if such default is not susceptible of being cured within the initial 30
day period provided Lender is diligently pursuing the cure thereof) and (ii)&nbsp;the same period of
time given to Landlord for remedying, or causing to be remedied, such default; (d)&nbsp;Tenant shall
accept performance by Lender of any term, covenant, condition or agreement to be performed by
Landlord under the Lease with the same force and effect as though performed by Landlord; and (e)
this Agreement satisfies any condition or requirement in the Lease relating to the granting of a
nondisturbance agreement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">3. Foreclosure and Sale. In the event of a Foreclosure Sale,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 8%">(a)&nbsp;So long as Tenant is not in default under any of the provisions of the Lease beyond
applicable notice and grace periods, (x)&nbsp;the Lease shall continue in full force and effect
as a direct lease between Lender (or a Foreclosure Purchaser, if applicable) and Tenant, and
Lender (or a Foreclosure Purchaser, if applicable) will not disturb the use, enjoyment and
possession of Tenant, subject to this Agreement, (y)&nbsp;to the extent that the Lease is
extinguished as a result of a Foreclosure Sale, a new lease shall automatically go into
effect upon the same provisions as contained in the Lease between Landlord and Tenant,
except as set forth in this Agreement, for the unexpired term of the Lease. Tenant agrees
to attorn to and accept Lender (or a Foreclosure Purchaser, if applicable) as landlord under
the Lease and to be bound by and perform all of the obligations imposed by the Lease, or, as
the case may be, under the new lease, in the event that the Lease is extinguished by a
Foreclosure Sale. Upon Lender&#146;s (or a Foreclosure Purchaser&#146;s, if applicable) acquisition
of title to the Property, Lender (or a Foreclosure Purchaser, if applicable) will perform
all of the obligations imposed on the Landlord by the Lease that accrue from and after such
sale except as set forth in this Agreement; provided, however, that Lender (and any
Foreclosure Purchaser) shall not be: (i)&nbsp;liable for any act or omission of a prior landlord
(including Landlord), provided any non-monetary defaults of an ongoing nature of which
Lender shall have received notice from Tenant in accordance herewith (it being understood
that Tenant shall not give notice to the Foreclosure Purchaser until after the date such
Foreclosure Purchaser succeeds to Landlord&#146;s interest under the Lease) and that are
susceptible of cure by Lender (or such Foreclosure Purchaser) which continue after Lender
(or such Foreclosure Purchaser, if applicable) succeeds to the interest of Landlord under
the Lease shall continue to constitute a default under the Lease so long as such default
remains uncured; or (ii)&nbsp;subject to any credits, offsets or defenses that Tenant might have
against any prior landlord (including Landlord) unless the conditions giving rise to such
credits, offsets, or defenses shall be then continuing (provided that Lender shall have
received notice from Tenant of such condition in accordance herewith); or (iii)&nbsp;bound by any
rent or additional rent which Tenant might have paid in advance to any prior landlord
(including Landlord) for a period in excess of one month or by any security deposit,
cleaning deposit or other sum that Tenant may have paid in advance to any prior landlord
(including Landlord) except if such prepayment is expressly required under the terms of the
Lease (including, without limitation, payment of estimated operating expenses and real
estate taxes); or (iv)&nbsp;bound by any amendment, modification, assignment, extension,
surrender or
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">termination
of the Lease made without the written consent of Lender (or any Foreclosure Purchaser, if applicable) (except to the
extent Lender&#146;s consent shall not be required pursuant to the Mortgage or other documents
securing, evidencing or governing the loan secured thereby), which consent shall not be
unreasonably withheld, conditioned or delayed; provided, however, Lender&#146;s (or any
Foreclosure Purchaser&#146;s, if applicable) consent shall not be required in connection with any
amendment, modification, assignment extension, surrender or termination of the Lease which
merely evidences Tenant&#146;s exercise of any unilateral right or option Tenant may have under
the Lease or at law; or (v)&nbsp;obligated or liable with respect to any representations or
warranties contained in the Lease, or indemnities contained in the Lease with respect to any
event, matter or circumstance occurring prior to the date such Lender or Foreclosure
Purchaser succeeds to the Landlord&#146;s interest under this Lease; or (vi)&nbsp;liable to Tenant for
the completion of any tenant improvement work obligation necessary to prepare the demised
premises for Tenant&#146;s initial occupancy or payment of any work allowance, except to the
extent Lender (or any Foreclosure Purchaser) is holding and controlling funds reserved with
Lender specifically for such purpose, and except that Lender recognizes the provisions of
Article&nbsp;50 of the Lease.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 8%">(b)&nbsp;Upon the written request of Lender after a Foreclosure Sale, the parties shall
execute a lease of the Premises upon the same provisions as contained in the Lease between
Landlord and Tenant, except as set forth in this Agreement, for the unexpired term of the
Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.&nbsp;<U>No Purchase Options.</U> Tenant represents that it has no right or option of any
nature to purchase the Property or any portion of the Property or any interest in the Borrower.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">5.&nbsp;<U>Notice</U>. All notices under this Agreement shall be deemed to have been properly
given if delivered by overnight courier service or mailed by United States certified mail, with
return receipt requested, postage prepaid to the party receiving the notice at its address set
forth in the Defined Terms (or at such other address as shall be given in writing by such party to
the other parties) and shall be deemed complete upon receipt or refusal of delivery.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">6.&nbsp;<U>Miscellaneous</U>. Lender (or any Foreclosure Purchaser, if applicable) shall not be
subject to any provision of the Lease that is inconsistent with this Agreement. Nothing contained
in this Agreement shall be construed to derogate from or in any way impair or affect the lien or
the provisions of the Mortgage. This Agreement shall be governed by and construed in accordance
with the laws of the State in which the Property is located.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.&nbsp;<U>Liability and Successors and Assigns.</U> In the event that Lender (or any Foreclosure
Purchaser) acquires title to the Premises or the Property, Lender (or such Foreclosure Purchaser)
shall have no obligation nor incur any liability in an amount in excess of the Lender&#146;s interest in
the Property and the net rents, issue, profits, and proceeds derived therefrom (including, without
limitation, net condemnation awards and net insurance proceeds). This Agreement shall run with the
land and shall inure to the benefit of the parties and, their respective
successors and permitted assigns including a Foreclosure Purchaser. If a Foreclosure Purchaser
acquires the Property or if Lender assigns or transfers its interest in the Note and Mortgage or
the Property, all obligations and liabilities of Lender under this Agreement shall terminate and be
the responsibility of the Foreclosure Purchaser or other party to whom Lender&#146;s interest is
assigned or transferred. The interest of Tenant under this Agreement may not otherwise be assigned
or transferred except in connection with an assignment of its interest in the Lease in accordance
with the terms of the Lease.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">8.&nbsp;<U>OFAC Provisions</U> Tenant and Lender hereby represent, warrant and covenant to each
other party, either that (i)&nbsp;it is regulated by the SEC, FINRA or the Federal Reserve (a
<B>&#147;</B>Regulated Entity&#148;), or is a wholly-owned subsidiary or affiliate of a Regulated Entity or (ii)
neither it nor any person or entity that directly or indirectly (a)&nbsp;controls it or (b)&nbsp;has an
ownership interest in it of twenty-five percent (25%) or more, appears on the list of Specially
Designated Nationals and Blocked Persons (&#147;OFAC List&#148;) published by the Office of Foreign Assets
Control (&#147;OFAC&#148;) of the U.S. Department of the Treasury.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Remainder of Page Intentionally Left Blank&#093;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>IN WITNESS WHEREOF</B>, the parties have executed this Subordination, Nondisturbance and
Attornment Agreement as of the Execution Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>IT IS RECOMMENDED THAT THE PARTIES CONSULT WITH THEIR ATTORNEYS PRIOR TO THE EXECUTION OF THIS
SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT.</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>LENDER:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;________________________&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a &#091;____________________&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">State of _____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">County of ____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On
&nbsp;_____, 20_____&nbsp;
before me,
&nbsp;_____, personally appeared
&nbsp;_____,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the
same in his/her authorized capacity, and that by his/her signature on the instrument the person, or
the entity upon behalf of which the person acted, executed the instrument.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">WITNESS my hand and official seal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Signature <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Seal)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>TENANT:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Viner Finance Inc.,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">State of _____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">County of ____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On
&nbsp;_____, 20_____&nbsp;
before me,
&nbsp;_____, personally appeared
&nbsp;_____,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the
same in his/her authorized capacity, and that by his/her signature on the instrument the person, or
the entity upon behalf of which the person acted, executed the instrument.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">WITNESS my hand and official seal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Signature <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Seal)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>LANDLORD:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">85 Broad Street LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware limited liability company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">State of _____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">County of ____________
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On
&nbsp;_____, 20_____&nbsp;
before me,
&nbsp;_____, personally appeared
&nbsp;_____,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the
same in his/her authorized capacity, and that by his/her signature on the instrument the person, or
the entity upon behalf of which the person acted, executed the instrument.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">WITNESS my hand and official seal.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Signature ______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Seal)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">85 Broad - Form Mortgagee SNDA</div>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>



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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PROPERTY DESCRIPTION</B>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT OE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">OPERATING EXPENSES DEFINED
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The term &#147;Operating Expenses&#148; shall mean all costs and expenses (and taxes thereon, if any) paid or
incurred by or on behalf of Landlord with respect to the operation, repair, safety, management,
security and maintenance of the Building, the Land and the Building equipment, and the sidewalks,
curbs, plazas and other areas adjacent to the Building, and with respect to the services provided
tenants of the Building, including (i)&nbsp;salaries, wages and bonuses paid to, and any
hospitalization, medical, surgical, union and general welfare benefits (including group life
insurance), pension, retirement or life insurance plans and other benefits or similar expenses
(collectively, &#147;Wages&#148;) relating to employees of Landlord or employees whose wages are chargeable
to Landlord below the level of building manager who are engaged in the operation, repair, safety,
management, security or maintenance of the Building, the Land and the Building equipment or in
providing services to tenants (the &#147;Eligible Employees&#148;); (ii)&nbsp;social security, unemployment and
other payroll taxes, disability and workmen&#146;s compensation coverage imposed by Legal Requirement,
union contract or otherwise with respect to said Eligible Employees; (iii)&nbsp;the cost of gas, steam,
water, sewer rents, air conditioning and other fuel and utilities; (iv)&nbsp;the cost of casualty, rent,
liability, fidelity, plate glass and any other insurance; (v)&nbsp;the cost of non-capital repairs,
maintenance and the cost of painting the common areas of the Building; (vi)&nbsp;the cost or rental of
all building and cleaning supplies, Including toilet paper, soap and paper towels, tools, materials
and equipment; (vii)&nbsp;the cost of uniforms, work clothes and dry cleaning of Eligible Employees;
(viii)&nbsp;the cost of cleaning the exterior of the windows, the carting costs incurred in rubbish and
garbage removal from the Building, extermination services, concierge, guard, watchman or other
security personnel, service or system, if any; (ix)&nbsp;expenditures for capital improvements and
capital equipment (as those terms are defined under generally accepted accounting principles
consistently applied) which are made for the purpose of reducing Operating Expenses, and in such
case, only to the extent of actual reductions in Operating Expenses and capital expenditures made
by reason of Legal Requirements which are first effective or applied after the first Possession
Date to occur, in each of which cases the costs thereof shall be included in Operating Expenses for
the Operating Year in which incurred and in subsequent Operating Years, as amortized over the
useful life thereof as reasonably determined by Landlord in accordance with its good faith
application of generally acceptable accounting standards and practices), together with interest
factor equal to either (a)&nbsp;the actual rate of interest and other borrowing costs and expenses
(amortized over the life of the applicable loan and ratably allocated to the relevant amount being
amortized) incurred by Landlord, with respect to the cost of such capital item to the extent paid
for directly through loan proceeds advanced by a third-party lender, if any, which is not an
affiliate of Landlord, pursuant to the terms of a bona fide loan, or (b)&nbsp;if such costs are not so
financed, the Prime Rate (provided that the annual amortized amount so included in Operating
Expenses for any year on account of such capital improvements or capital items which were intended
to reduce and actually reduce Operating Expenses shall not exceed Landlord&#146;s reasonable calculation
of annual savings in Operating Expenses actually achieved by such improvements or items); (x)
management fees equal to 3% of the
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">aggregate gross rents, additional rents and other charges payable to Landlord by tenants of the
Building; (xi)&nbsp;charges of independent contractors and consultants performing work included within
this definition of Operating Expenses; (xii)&nbsp;telephone and stationery; (xiii)&nbsp;legal, accounting and
other professional fees and disbursements incurred in connection with the operation and management
of the Building except those incurred in the leasing, financing or sale of the Building, or in
connection with disputes between Landlord, tenants and prospective tenants of the Building, or in
connection with litigation against tenants and prospective tenants of the Building including legal
expenses related to a bankruptcy of tenant, or in connection with disputes with mortgagees or
ground lessors; (xiv)&nbsp;decorations not in excess of expenses incurred for that purpose in Comparable
Buildings; (xv)&nbsp;depreciation of hand tools and other movable equipment used in the operation,
cleaning, repair, safety management, security or maintenance of the Building; (xvi)&nbsp;exterior and
interior landscaping; and (xvii)&nbsp;all costs of cleaning of the public areas of the Building and of
those rentable areas of the Building which do not constitute retail stores and are not occupied or
under lease to tenants, it being understood that Landlord shall be economical in providing cleaning
services to those rentable areas of the Building which do not constitute retail stores and are not
occupied or under lease to tenants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Provided, however, that the foregoing costs and expenses shall exclude or have deducted from them,
as the case may be:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(A)&nbsp;salaries, wages, compensation and benefits of (a)&nbsp;any employee above the grade of building
manager, or (b)&nbsp;any corporate officer, member or partner of Landlord or its affiliates that is not
working at the Building as an Eligible Employee;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(B)&nbsp;expenditures for capital improvements and repairs and replacements thereof, other than those
referred to in clause (ix)&nbsp;above;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(C)&nbsp;amounts actually received by Landlord through proceeds of insurance or expenditures actually
reimbursed by warranties, guarantees or service contracts;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(D)&nbsp;costs incurred by reason of fire or other casualty or condemnation (or threatened
condemnation);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(E)&nbsp;advertising and promotional expenditures, expenses related to the leasing or marketing of space
in the Building;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(F)&nbsp;costs incurred in performing work or furnishing services or supplies for any tenant (including
Tenant), whether at such tenant&#146;s or Landlord&#146;s expense, to the extent that such work or service is
in excess of any work or service that Landlord is obligated to furnish to Tenant at Landlord&#146;s
expense or which services are not made available to Tenant at no additional charge (e.g., the cost
of providing chilled water or condenser water to any tenant and/or the cost of providing heating,
air conditioning and/or electricity to any tenant outside of normal business hours, in each case
free of any separate or additional charge); it being understood that Operating Expenses will be net
of any charges separately directly billed to
other tenants for services provided to such tenants and not billed as operating expense escalation
charges (unless such services are provided to Tenant at no additional charge);
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(G)&nbsp;depreciation or amortization, except as provided in clause (ix)&nbsp;above, and non-cash items such
as deductions for or obsolescence of the Building and the Building equipment depreciation and
amortization;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(H)&nbsp;brokerage commissions;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(I)&nbsp;labor costs incurred in cleaning the demised premises, retail store areas and spaces occupied
by or under lease to other tenants;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(J)&nbsp;the cost of electricity and other utilities furnished to the leased premises in the Building
for which tenants are separately charged;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(K)&nbsp;principal or interest payments on and any other fees or charges (including, without limitation,
attorneys&#146; fees, court costs and other expenses) incurred in connection with obtaining any loans
related to any mortgages or any other debt costs or financing or refinancing costs, and all fixed
rent payments under ground leases;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(L)&nbsp;the costs of constructing, improving, renovating, altering, painting or decorating space in the
Building for occupancy by Tenant and other tenants and any cost and expense of maintaining and
repairing such tenant spaces to the extent Landlord is providing maintenance and repair services in
excess of Landlord&#146;s maintenance and repair obligations under this Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(M)&nbsp;amounts paid to affiliates of Landlord for services in or to the Building, to the extent that
the costs of such services exceed competitive costs of such services were they not so rendered by
an affiliate;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(N)&nbsp;any compensation paid to clerks, attendants or other persons in commercial concessions operated
by Landlord;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(O)&nbsp;all items and services for which Landlord is reimbursed by Tenant or other tenants (other than
pursuant to Article&nbsp;29) to the extent of such reimbursement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(P)&nbsp;the cost of any items for which Landlord was reimbursed by insurance or otherwise compensated
or should be reimbursed if Landlord maintains the insurance it has agreed to maintain in the Lease;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Q)&nbsp;up to $5,000 of the initial costs of hand tools and equipment used in the operation, repair and
maintenance of the Building or the rental thereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(R)&nbsp;that portion of any cost or expense relating to both the Building and to other buildings or
properties, which is properly allocable or attributable to such other buildings or properties;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(S)&nbsp;auditing and accounting fees not incurred in connection with the operation and management of
the Building;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(T)&nbsp;Taxes;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(U)&nbsp;the cost incurred in the operation of (x)&nbsp;the Building Cafeteria, or (y)&nbsp;any health or exercise
club or facility or any luncheon or other restaurant, club or facility, unless, in the case of (y),
the same is made available to Tenant at no additional charge;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(V)&nbsp;costs and expenses of creating the condominium structure, if any, and costs related to
maintaining the legal status and organizational good standing of the Condo Board;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(W)&nbsp;costs for relocating tenants;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(X)&nbsp;costs attributable to providing services to retail areas;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Y)&nbsp;costs incurred in connection with removal, remediation, replacement, enclosure, encapsulation
or other treatment of any ACM, lead paint or mold;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(Z)&nbsp;cost of: (a)&nbsp;Landlord&#146;s Work required under this Lease, or (d)&nbsp;the discharge of Landlord&#146;s
obligations under the Landlord&#146;s Work provision of this Lease or similar provisions of other
leases;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(AA)&nbsp;any costs to purchase objects of fine art (provided that the cost of any reasonable
maintenance thereof shall be included in Operating Expenses), and costs arising from Landlord&#146;s
political or charitable contributions;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(BB)&nbsp;costs of defending any lawsuits filed by tenants, service providers or Landlord&#146;s mortgagee;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(CC)&nbsp;costs of Landlord&#146;s general corporate overhead and general administrative expenses;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(DD)&nbsp;costs (including fines and penalties) which result from: (a)&nbsp;the negligence or intentional
misconduct of Landlord or Landlord Related Parties or any breach, violation or default under the
Lease by Landlord, or (b)&nbsp;the negligence or intentional misconduct of any other tenant or occupant
of the Building (or its employees, agents or contractors), or any breach, violation or default
under any other lease or occupancy agreement of the Building by any other tenant or occupant of the
Building;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(EE)&nbsp;costs (including fines and penalties) of correcting or remediating any violations of laws
which exist on the applicable Possession Date (or existed during any period prior thereto);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(FF)&nbsp;gross rent that exceeds the fair rental value of the management office in the Building of not
more than 3,000 square feet of rentable area; provided that such management office space: (a)&nbsp;shall
exclude (x)&nbsp;any space devoted primarily to leasing,
construction or development activities, and (y)&nbsp;contractor and/or storage space, and (b)&nbsp;shall be
further equitably reduced to the extent such office is used by Landlord or its management agent to
operate or manage properties other than the Building and the Property;
</DIV>
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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(GG)&nbsp;advertising, promotional and marketing expenses and dues to professional and lobbying
associations;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(HH)&nbsp;contributions to operating expense, tax, insurance or other reserves as opposed to payments of
amounts out of such reserves for Operating Expenses;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(II)&nbsp;bad debt losses and rent losses suffered by Landlord and reserves therefor;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(JJ)&nbsp;costs of entertainment of current or prospective tenants;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(KK)&nbsp;if the property manager is an affiliate of Landlord, costs under the Management Agreement
that, under a market-based management agreement with an unaffiliated management company providing
for a market management fee, would be borne by the management company and not reimbursed by the
Landlord, including, without limitation, the manager&#146;s general corporate overhead and general
administrative and home office expenses;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(LL)&nbsp;any cost which is, pursuant to the Lease, expressly to be borne by Landlord and not reimbursed
through payment of Operating Expenses;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(MM)&nbsp;costs and expenses (including costs and expenses of any repairs, any replacements or
improvements) of complying with any law in other leased space in the Building if the compliance
with such law was another tenant&#146;s obligation under its lease; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(NN)&nbsp;costs related to withdrawal liability or unfunded pension liability of Landlord or any of its
affiliates under any pension fund.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT OEC
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">GENERAL OPERATING EXPENSE STATEMENT CATEGORIES
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Cleaning payroll
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Supplies
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Building Payroll
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Building &#151; Related Labor
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Electricity
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Steam
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Elevator Maintenance
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Elevator Service Contract
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Other Building Costs
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Painting
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Protection Service
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">General Building Repairs and Maintenance
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Rubbish removal and Exterminating
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Telephone
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Professional Fees
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Insurance
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Management Fees
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Amortization of Improvements Including Interest
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Costs of Services to Tenants
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Fees or Sums Paid to Affiliates of Landlord
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT RA
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FORM OF RECOGNITION AGREEMENT FORM
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>SUBTENANT SUBORDINATION, NON-DISTURBANCE</B></U><BR>
<U><B>AND ATTORNMENT AGREEMENT</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
This Subtenant Subordination, Non-Disturbance and Attornment Agreement (&#147;<U>Agreement</U>&#148;)
made this _______ day of
&nbsp;_____,
&nbsp;_____&nbsp;
by and between among 85 BROAD STREET LLC, having an
office c/o Metropolitan Life Insurance Company, 10 Park Avenue, Morristown, New Jersey 07962,
Attn.: New York Region Real Estate Investments (&#147;<U>Landlord</U>&#148;), Viner Finance Inc., having an
office at 85 Broad Street, New York, New York 10004 (&#147;<U>Tenant</U>&#148;), and
&nbsp;_____&nbsp;
having
an office at
&nbsp;_____&nbsp;
(&#147;<U>Subtenant</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>W I
T N E S S E T H :</u>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, Landlord is the owner of that certain building known as 85 Broad Street, New York,
New York 10004 (the &#147;<U>Building</U>&#148;) and the land (the &#147;<U>Land</U>&#148;) upon which it stands;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, Landlord is the landlord under that certain lease, dated as of July
&nbsp;_____, 2011, between
Landlord and Sublandlord as the same may hereafter be renewed, amended, modified, supplemented,
extended, replaced and/or restated from time to time, is hereinafter referred to as the &#147;<U>Prime
Lease</U>&#148;), which Prime Lease covers certain space in the Building (collectively, the
&#147;<U>Premises</U>&#148;); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, Sublandlord and Subtenant have entered into a certain &#091;Agreement of Sublease&#093;, dated
as of
&nbsp;_____&nbsp;
(the &#147;<U>Sublease&#148;)</U> covering a portion of the Premises consisting of the
&#091;_____&#093; floors in the Building (the &#147;<U>Subleased Premises</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOW, THEREFORE, in consideration of ten dollars and other good, valuable, sufficient and
received consideration and intending to be legally bound hereby, Landlord, Sublandlord and
Subtenant covenant and agree as follows (all capitalized terms used, but not defined, herein shall
have the meanings given to them in the Prime Lease):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;The Sublease and Subtenant&#146;s interest thereunder is now and at all times shall continue to
be subject and subordinate to the Prime Lease in accordance with the terms of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;As long as (i)&nbsp;no default by Subtenant then exists beyond any applicable notice and cure
periods under the Sublease, this Agreement or that certain Consent to Sublease dated as of the date
hereof, among Landlord, Subtenant and Sublandlord (the &#147;<U>Consent</U>&#148;), and (ii)&nbsp;Subtenant named
herein (or any Permitted Transferee thereof) is the then subtenant under the
Sublease (collectively, the &#147;<U>Conditions</U>&#148;), then Subtenant shall not be named or joined
in any action or proceeding to terminate the Prime Lease by reason of Sublandlord&#146;s default
thereunder unless such naming or joinder shall be required by law. In the latter case, Landlord may
join Subtenant as a defendant in such action only for such purpose and not to terminate or
extinguish Subtenant&#146;s rights under this Agreement or otherwise diminish or interfere with
Subtenant&#146;s rights under the Consent or this Agreement in such action.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;In the event that the Prime Lease is terminated by reason of Sublandlord&#146;s default
thereunder (a &#147;<U>Succession Event</U>&#148;) and the Conditions shall be satisfied, then, subject to
the terms hereof, (i)&nbsp;Subtenant shall be bound to Landlord and Landlord shall be bound to Subtenant
under all of the terms, covenants and conditions of the Prime Lease (except as modified herein)
with respect to the Subleased Premises for the balance of the term of the Prime Lease then
remaining, with the same force and effect as if Landlord and Subtenant were the parties under the
Prime Lease, (ii)&nbsp;Subtenant does hereby attorn to Landlord as its landlord for the Subleased
Premises, subject to the terms hereof, and (iii)&nbsp;Landlord shall recognize and accept such
attornment; <U>provided</U>, <U>however</U>, that Landlord shall not be:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;liable for any act or omission of Sublandlord, the then sublandlord or any
predecessor sublandlord under the Sublease, provided any non-monetary defaults of an
ongoing nature of which Landlord shall have received notice from Subtenant in
accordance herewith and that are susceptible of cure by Landlord which continue
after Subtenant attorns to Landlord shall continue to constitute a default under the
Lease so long as such default remains uncured;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(b)&nbsp;subject to any defenses, claims or counterclaims which Subtenant may have
against Sublandlord, the then sublandlord or any predecessor sublandlord under the
Sublease, unless the conditions giving rise to such defenses, claims or
counterclaims shall be then continuing (provided that Landlord shall have received
notice from Subtenant of such condition in accordance herewith);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;bound by any rental that Subtenant may have made to Sublandlord more than thirty
(30)&nbsp;days before the date such rental was first due and payable under the Sublease
with respect to any period after the date of attornment; provided that Landlord
shall be bound by any such prepayment that was actually paid to Landlord or its
designee(s);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d)&nbsp;required to account for any security deposit other than any security deposit
actually delivered to the Landlord;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(e)&nbsp;bound by any terms of the Sublease;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(f)&nbsp;in the event of a casualty or condemnation, obligated to repair or restore the
Building or any portion thereof except for repairs or restoration Landlord is
obligated to perform under the Lease and, in all events, Landlord&#146;s obligation shall
not be obligated to expend more than the net insurance proceeds or net award, as
applicable, Landlord actually receives to perform such repairs or restoration (after
deduction for all
actual, out-of-pocket costs and expenses incurred by Landlord in connection with the
recovery of such proceeds or award);
</DIV>
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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(g)&nbsp;intentionally omitted;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(h)&nbsp;bound by any free rent period or subject to any credits, offsets, setoffs,
abatements or other deductions which may have accrued against Sublandlord, the then
sublandlord or any predecessor sublandlord under the Sublease, unless the conditions
giving rise to such credits, offsets, setoffs, abatements or other deductions shall
be then continuing (provided that Landlord shall have received notice from Subtenant
of such condition in accordance herewith);
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(i)&nbsp;bound by any obligation to perform any work or other tenant improvements or pay
any work allowances or provide any other concessions or inducements to Subtenant;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(j)&nbsp;liable for any representation or warranty made or given by Sublandlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The term &#147;<U>Landlord</U>&#148; shall be deemed to include Landlord, anyone claiming by, through
or under Landlord and their respective successors and assigns. Notwithstanding anything to the
contrary contained herein, (x) <B><I>&#091;insert specific provisions of the Lease as reasonably determined on
a case-by-case basis&#093; </I></B>shall be null and void in the event of such a Succession Event, and (y)&nbsp;any
rights granted to the tenant under the Prime Lease which, pursuant to the terms of the Prime Lease,
are solely for the benefit of, or deemed personal to, Sublandlord (and its Permitted Transferees)
shall be deemed null and void in the event of a Succession Event. The foregoing attornment and
recognition shall be effective and self-operative without the execution of any further instruments
upon the occurrence of a Succession Event, provided that Subtenant, upon request, shall execute and
deliver any certificate or other instrument which Successor Landlord may reasonably request to
confirm such attornment and recognition.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4. Intentionally Omitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">5.&nbsp;If any act or omission of Sublandlord would give Subtenant the right, immediately or after
lapse of a period of time, to cancel or terminate the Sublease, Subtenant shall not exercise such
right unless (1)&nbsp;Subtenant shall have given Landlord written notice of Sublandlord&#146;s act or
omission and (2)&nbsp;such act or omission shall not be remedied within thirty (30)&nbsp;days after the
giving of such notice to Landlord; <U>provided</U>, <U>however</U>, that if such act or omission
cannot with due diligence be remedied within a period of thirty (30)&nbsp;days (it being agreed that the
fact that Landlord does not have possession of the Subleased Premises shall not constitute a reason
why an act or omission cannot be remedied within a period of thirty (30)&nbsp;days), and if Landlord
commences the remedies necessary to cure such act or omission within such thirty (30)&nbsp;day period
and thereafter prosecutes such remedies with reasonable diligence, then the period of time after
the giving of such notice by Subtenant within which such act or omission may be remedied shall be
extended for an additional thirty (30)&nbsp;day period so long as Landlord prosecutes the remedying of
such act or omission with reasonable diligence. Landlord shall not be obligated to remedy any such
act or omission.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">6.&nbsp;Subtenant agrees that, to the extent that the Sublease provides for a monthly rental which,
after taking into account any free rent periods, credits, offsets or deductions to which Subtenant
may be entitled under the Sublease, exceeds (on a per rentable square foot basis) the Floor Rent,
the rent payable under the Prime Lease will automatically and without condition become equal to
such higher monthly rental, if, as and when the attornment provided for herein becomes effective
between Landlord and Subtenant, and Subtenant shall be obligated to pay such amounts on the dates
specified in the Prime Lease for the payment of basic annual rent and all recurring additional
rent, as applicable. Upon such attornment, the Prime Lease shall, automatically and without
further act required on the part of any party, be deemed amended to accomplish the foregoing
provisions of this <U>Section&nbsp;6</U>; provided that, Subtenant shall execute and exchange any
instrument Landlord may reasonably request to confirm such amendment. The parties hereto agree
that, for purposes of this Agreement, all basic annual rent and recurring additional rent under the
Sublease shall be deemed allocated to the Subleased Premises on a proportionate basis (based on
rentable square footage).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.&nbsp;Subtenant acknowledges and agrees that Landlord shall have no obligations whatsoever under
the Sublease (whether or not a Succession Event shall occur) and, in the event of a Succession
Event, the rights and obligations of Landlord and Subtenant with respect to Subtenant&#146;s leasing of
the Subleased Premises shall be governed by the terms of the Prime Lease as modified by this
Agreement and the Consent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">8.&nbsp;If, upon any Succession Event, Sublandlord is in monetary default under the Prime Lease,
then Subtenant shall be obligated to pay to Landlord the Allocable Monetary Amount (as defined
below) within ten (10)&nbsp;Business Days following demand by Landlord. In addition, if, upon any
Succession Event, there is a continuing non-monetary default by Sublandlord under the Prime Lease
with respect to the Subleased Premises (i.e., as opposed to a non-monetary default with respect to
Sublandlord itself such as, by way of example, non-permitted transfer consummated by Sublandlord)
and Landlord requests in writing that Subtenant cure the same, Subtenant shall be obligated to cure
such non-monetary default within the applicable grace period, if any, set forth in Section&nbsp;14.01(a)
of the Prime Lease (it being agreed that such written request from Landlord shall constitute the
notice contemplated by <font style="white-space: nowrap"><U>Section&nbsp;14.01(a)</U></font> for purposes of determining when any applicable
grace period provided for thereunder shall commence). &#147;<U>Allocable Monetary Amount</U>&#148; means
(x)&nbsp;in the case of a default by Sublandlord in the payment of a sum specifically allocated to the
Subleased Premises under the Prime Lease (e.g., basic annual rent specifically allocated to the
Subleased Premises pursuant to the Prime Lease or reimbursement for overtime services provided to
the Subleased Premises), the total amount of such sum, or (y)&nbsp;in the case of a default by
Sublandlord in the payment of basic annual rent, additional rent or other sum not specifically
allocable to any premises demised under the Prime Lease, the product of (1)&nbsp;such sum multiplied by
(2)&nbsp;a fraction, the numerator of which equals the rentable square footage of the Subleased Premises
and the denominator of which equals the rentable square footage of the Premises (other than below
grade space). The Allocable Monetary Amount shall not include any sums described in clause (x)&nbsp;or
(y)&nbsp;above which become due under the Prime Lease during the period (the &#147;<U>Pre-Notice
Period</U>&#148;) commencing on the date of such default by Sublandlord in the payment of such Allocable
Monetary Amount and expiring on the day preceding the date Landlord delivers a written notice to
Subtenant that Landlord has exercised its right to terminate the Lease and instructing Subtenant to
make all payments due
under the Sublease to Landlord, provided that Subtenant has paid to Sublandlord all basic
annual rent, additional rent and other sums due and payable by Subtenant during the Pre-Notice
Period.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.&nbsp;After notice is given to Subtenant by Landlord that the Sublandlord is in default beyond
applicable notice and cure periods under the Prime Lease and that the rentals under the Sublease
should be paid to Landlord pursuant to the terms of the Prime Lease, Subtenant shall thereafter pay
to Landlord or as directed by the Landlord, all rentals and all other monies due or to become due
to Sublandlord under the Sublease and Sublandlord hereby expressly authorizes Subtenant to make
such payments to Landlord and Sublandlord hereby releases and discharges Subtenant from any
liability to Sublandlord on account of any such payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">10.&nbsp;This Agreement may not be modified except by an agreement in writing signed by the parties
hereto or their respective successors in interest. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and to their respective heirs, representatives, successors
and assigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">11.&nbsp;Any notice or demand, consent, approval or disapproval (collectively, &#147;<U>Notice</U>&#148;)
required to be given by the terms and provisions of this Agreement, or by any law or governmental
regulation, shall be in writing. Unless otherwise required by such law or regulation, such notice,
demand, consent, approval or disapproval (other than for rent or additional rent bills) shall be
given, and shall be deemed to have been served and given, if sent by hand (against a signed
receipt) on the business day delivered if delivered before 5:00 P.M. New York time, or if delivered
after 5:00 P.M. New York time, then on the following business day, or by prepaid nationally
recognized overnight express service marked for next business day delivery and same shall be deemed
delivered and effective the next business day if delivered before 5:00 P.M. New York time, or if
delivered after 5:00 P.M. New York time, then on the following business day. Notices shall be
delivered to the addresses set forth below:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Subtenant, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">&#091;_____&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Tenant, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">With copies to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">c/o Viner Finance Inc.<BR>
Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004<BR>
Attn: Dennis McNamara, Esq.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Ingram Yuzek Gainen Carroll &#038; Bertolotti, LLP,<BR>
250 Park Avenue, Sixth Floor<BR>
New York, New York 10177<BR>
Attn: Shane O&#146;Neill, Esq.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Landlord, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">85 Broad Street LLC<BR>
c/o Metropolitan Life Insurance Company<BR>
10 Park Avenue, Morristown<BR>
New Jersey 07960<BR>
Attention: Officer-In-Charge
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">With copies to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">85 Broad Street LLC<BR>
c/o Metropolitan Life Insurance Company<BR>
10 Park Avenue, Morristown<BR>
New Jersey 07960<BR>
Attention: Chief Real Estate Counsel
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Fried, Frank, Harris, Shriver &#038; Jacobson LLP<BR>
One New York Plaza<BR>
New York, New York 10004<BR>
Attn: Ross Z. Silver, Esq.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">12.&nbsp;In the event of any termination of the Prime Lease other than by reason of Sublandlord&#146;s
default thereunder (<U>e.g.</U>, by reason of a casualty), this Agreement shall, automatically and
without further act of the parties, terminate and be of no further force or effect from and after
the applicable termination date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">13.&nbsp;The rights granted to Subtenant in this Agreement are not transferable or assignable and
are solely for the benefit of Subtenant named in the Sublease (and any Permitted Transferee
thereof) and, upon any assignment of the Sublease, this Agreement and Subtenant&#146;s rights hereunder
shall be deemed null and void.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">14.&nbsp;This Agreement shall be governed by the laws of the State of New York. If any term of
this Agreement or the application thereof to any person or circumstances shall to any extent be
invalid or unenforceable, the remainder of this Agreement or the application of such term to any
person or circumstances other than those as to which it is invalid or unenforceable shall not be
affected thereby, and each term of this Agreement shall be valid and enforceable to
the fullest extent permitted by law. This Agreement may be executed in any number of
counterparts, each of which when executed and delivered will be deemed to be an original and all of
which taken together, will deemed to be one and the same instrument.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">15.&nbsp;If Sublandlord or Subtenant shall request the approval or consent of Landlord pursuant to
this Agreement, the Consent or the Prime Lease, any such approval or consent purported to be given
by Landlord shall not be effective unless given in writing and in advance of the action with
respect to which such approval or consent was requested.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">16.&nbsp;The headings in this Agreement are intended to be for convenience of reference only, and
shall not define the scope, extent or intent or otherwise affect the meaning of any portion hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;no further text on this page&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year
first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Landlord</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">85 BROAD STREET LLC,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware limited liability company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">85 Broad Street Mezzanine LLC,<BR>
its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Metropolitan Life Insurance Company,<BR>
its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR><tr>
<td>&nbsp;</td>
</tr>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Tenant</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Viner Finance Inc.,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Subtenant</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;_______________&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT S
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGN SPECIFICATIONS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT SC
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">FORM OF TRI-PARTY SUBLEASE CONSENT FORM
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>CONSENT TO SUBLEASE</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">AGREEMENT, made as of
&nbsp;_____, 20_____&nbsp;
(this &#147;<B>Agreement&#148;</B>), among 85 BROAD STREET LLC, having an
office c/o Metropolitan Life Insurance Company, 10 Park Avenue, Morristown, New Jersey 07962,
Attn.: New York Region Real Estate Investments (&#147;<B>Landlord</B>&#148;), Viner Finance Inc., having an office
at 85 Broad Street, New York, New York 10004 (&#147;<B>Tenant</B>&#148;), and
&nbsp;_____&nbsp;
having an office at

&nbsp;_____&nbsp;
(&#147;<B>Subtenant</B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>WITNESSETH</B></U><B>:</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, Tenant is the tenant under a lease dated as of July
&nbsp;_____, 2011 (as the same may
hereafter be amended, the &#147;<B>Lease</B>&#148;), leasing the entire 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP>, 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>,
22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP>, 23<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>, 24<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>,
25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> and 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> floors and
portions of the 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> floor and sub-concourse (the &#147;<B>Demised Premises</B>&#148;) in the building
known as 85 Broad Street, New York, New York (the &#147;<B>Building</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, Tenant has requested that Landlord consent to the subletting by Tenant to Subtenant,
pursuant to a sublease dated as of
&nbsp;_____, a copy of which is attached hereto as
<U>Exhibit&nbsp;A</U> and made a part hereof (the &#147;<B>Sublease</B>&#148;), of certain space described in the
Sublease (the &#147;<B>Sublet Space</B>&#148;), which Sublet Space constitutes a portion of the Demised Premises
described in the Lease, for a term to commence on the date specified therefor in the Sublease and
to end, unless sooner terminated, on
&nbsp;_____.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
Landlord hereby consents to the subletting by Tenant to Subtenant pursuant to the Sublease, such
consent being subject to and upon the following terms and conditions, to each of which Tenant,
Subtenant and Landlord hereby expressly agree:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;Nothing contained in this Agreement shall operate as a consent or approval or ratification
by Landlord to or of any of the provisions of the Sublease or as a representation or warranty by
Landlord and, except as may be expressly provided herein, Landlord shall not be bound or estopped
in any way by the provisions of the Sublease. In case of any conflict between the provisions of
this Agreement and the provisions of the Sublease, the provisions of this Agreement shall prevail
unaffected by the Sublease.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;Nothing contained in this Agreement shall be construed to (a)&nbsp;modify, waive, impair or
affect any of the provisions, covenants, agreements, terms or conditions contained in the Lease
(except as may be herein expressly provided), (b)&nbsp;waive any present or future breach or default
under the Lease or any rights of Landlord against any person, firm, association or corporation
liable or responsible for the performance of the Lease, or (c)&nbsp;enlarge or increase
Landlord&#146;s obligations or Tenant&#146;s or Subtenant&#146;s rights under the Lease or otherwise. Tenant
shall be and remain liable and responsible for the due keeping, and full performance and
observance, of all of the provisions, covenants, agreements, terms and conditions set forth in the
Lease on the part of the tenant thereunder to be kept, performed and observed, as the same relate
to the Sublet Space, including, without limitation, with respect to Tenant, the payment of the
basic annual rent, Tax Payments, Operating Expense Payments, Cafeteria Rent (as such terms are
defined in the Lease) and other recurring and non-recurring items of rent, together with all other
sums payable by the tenant under the Lease; <U>provided</U>, <U>however</U>, this sentence shall
in no way be construed as releasing Tenant from or altering any of its obligations under the Lease.
In case of any conflict between the provisions of this Agreement and the provisions of the Lease,
the provisions of the Lease shall prevail unaffected by this Agreement (except where this Agreement
expressly provides that the Lease is modified).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;Landlord&#146;s consent under this Agreement is not assignable or transferable in connection
with any further or other subletting by Tenant or Subtenant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.&nbsp;The Sublease is, and shall be, subject and subordinate at all times to the Lease (and to
all instruments to which the Lease shall now or hereafter be subject and subordinate (including,
without limitation, any mortgage, ground lease or similar instrument)), as the same may be
extended, renewed, amended, modified, restated or supplemented, and to all of the provisions of the
Lease (and such other instruments), as so extended, renewed, amended, modified, restated and/or
supplemented, and Tenant and Subtenant shall not do, permit or suffer anything to be done in, or in
connection with Subtenant&#146;s use or occupancy of, the Sublet Space which would violate any of said
provisions. Subsequent to the termination of the Lease due to a default by Tenant thereunder,
Subtenant shall, at Landlord&#146;s request attorn to Landlord as the landlord of the Subtenant <B><I>&#091;if
applicable &#151; </I></B>pursuant to the provisions of that certain Subtenant Subordination, Non-Disturbance
and Attornment Agreement dated as of _____,
&nbsp;_____&nbsp;
between Landlord and Subtenant<B><I>&#093;</I></B>; provided,
however, the parties acknowledge and agree that any such request shall be at Landlord&#146;s exclusive
option and may be made or not be made by Landlord in its sole discretion. In case of any conflict
between the provisions of the Lease and the provisions of the Sublease, the provisions of the Lease
shall prevail unaffected by the Sublease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">5.&nbsp;(a)&nbsp;Notwithstanding anything to the contrary contained in the Sublease, Subtenant must
obtain Landlord&#146;s consent to any Tenant Alterations (as defined in the Lease) and must comply with
all provisions of the Lease (including, without limitation, Article&nbsp;3 of the Lease) relating
thereto, in each case to the extent set forth in the Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Subtenant&#146;s use of the freight elevator in connection with any of its Tenant Alterations
or otherwise shall be subject to the terms of the Lease and Building rules and regulations,
including, without limitation, hours of operation, minimum blocks of time and payment of Landlord&#146;s
then established charges therefor, subject to increase from time to time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Notwithstanding anything to the contrary contained in the Lease or Sublease, Subtenant
shall pay to Landlord upon demand (x)&nbsp;Landlord&#146;s reasonable out of pocket costs and expenses
(including, without limitation, the fees of any architect or engineer employed by Landlord or any
ground lessor mortgagee for such purpose) for reviewing plans and specifications and inspecting
Tenant Alterations plus (y)&nbsp;a supervisory fee calculated at Landlord&#146;s then-standard rate therefor.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">6.&nbsp;Neither the Sublease nor Landlord&#146;s consent under this Agreement shall release or discharge
Tenant from any liability or obligation under the Lease, and Tenant shall remain liable and
responsible for, the full performance and observance of all of the provisions of the Lease on the
part of Tenant to be performed or observed with the same force and effect as though no sublet had
been made pursuant to the terms of the Lease. Any breach or violation of any provision of the
Lease (whether by act or by omission) by Subtenant shall be deemed to be, and shall constitute, a
default by Tenant in fulfilling such provision, and, in such event, Landlord may exercise its
rights and remedies under the Lease in the case of such a default.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.&nbsp;Landlord&#146;s consent under this Agreement is not, and shall not be construed as, a consent by
Landlord to any assignment, reassignment, further or other subletting, or other transfer by Tenant
or Subtenant. The Sublease shall not be assigned, reassigned, transferred, renewed or extended
(except in the case of a renewal or extension, to the extent effected in accordance with the
provisions of the Sublease), nor shall the Sublet Space or any part thereof be sub-sublet, without
the prior written consent of Landlord thereto in each instance. In the event that the Sublease is
assigned, Subtenant and all future subtenants under the Sublease shall be jointly and severally
liable for the full performance of the terms and conditions of this Agreement. If Subtenant is a
corporation, partnership or other entity, the prohibition on assigning the Sublease shall be deemed
breached if there occurs (a)&nbsp;a transfer of a majority ownership interest in Subtenant (by
conveyance, sale, disposition, the increase in the amount of issued and/or outstanding shares of
capital stock or partnership interests (as applicable) of Subtenant and/or the creation of one or
more additional classes of stock or partnership interests (as applicable) of Subtenant (however
accomplished, whether in a single transaction or in a series of related or unrelated transactions);
and/or (b)&nbsp;a transfer by operation of law or otherwise, of Subtenant&#146;s interest in the Sublease.
For purposes hereof, &#147;control&#148; means the power and authority to direct the business and affairs of
Subtenant. Notwithstanding anything to the contrary contained herein, Subtenant shall have the
right to assign the Sublease or sub-sublease or grant rights of occupancy to any person or entity
controlling, controlled by or under common control with Subtenant, and neither a merger or
consolidation of Subtenant into or with another entity, or direct or indirect transfer of equity
interests in Subtenant named herein, shall require Landlord&#146;s consent <B><I>&#091;delete if Section&nbsp;10.03(a)
of the lease applied to this Subtenant: </I></B>provided, in any case, as applicable, that the net worth of
the surviving entity or assignee is at least equivalent to Subtenant&#146;s net worth as of the date of
this Agreement. Subtenant shall promptly give Landlord notice of any of the foregoing
transactions. <B><I>&#091;Delete if inapplicable &#151; </I></B>Notwithstanding anything to the contrary contained herein
or in the Sublease, Subtenant&#146;s right of first offer contained in Section &#091;_____&#093; of the Sublease
shall be subject and subordinate in all respects to Landlord&#146;s right of recapture contained in
Section&nbsp;10.02 of the Lease.<B><I>&#093;</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">8.&nbsp;Subject to all of the provisions, covenants, agreements, terms and conditions of the Lease,
the Sublet Space shall be used solely as specified in Section&nbsp;2.01 of the Lease and for no other
purpose.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">9.&nbsp;In addition to the obligations set forth in <U>Paragraph&nbsp;2</U> hereof, and in no way
limiting the same, Tenant and Subtenant shall be jointly and severally liable for (a)&nbsp;bills
rendered by Landlord for charges incurred by or imposed upon Subtenant for services rendered
(including supervisory fees) and materials supplied to the Sublet Space by Landlord whether
requested by
Tenant and/or Subtenant, (which shall be at Landlord&#146;s then established charges therefor,
subject to increase from time to time; provided that Tenant&#146;s liability under this Paragraph&nbsp;9 for
charges incurred or imposed upon Subtenant shall not exceed the applicable rates therefor , if any,
set forth in the Lease as if Tenant directly requested such services or materials or performed such
actions) and (b)&nbsp;for all amounts payable under this Agreement. Nothing in this <U>Paragraph&nbsp;9</U>
shall require Landlord to respond to, or comply with, any requests for services or materials made
by Subtenant. Landlord&#146;s decision with respect to any such request shall be in its sole
discretion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">10.&nbsp;(a)&nbsp;Tenant and Subtenant each jointly and severally represents and warrant to Landlord
that the copy of the Sublease attached hereto as <U>Exhibit&nbsp;A</U> is a true and correct copy
thereof and that the Sublease has not been amended, changed, supplemented or modified, and that
other than the Sublease, there are no other agreements (written or oral) between the parties
relating to the Sublease or the Sublet Space or the equipment, furniture, furnishings, fixtures,
improvements or other property therein (collectively, the &#147;<B>FFE</B>&#148;). Notwithstanding anything to the
contrary contained in the Lease or the Sublease, Tenant and Subtenant shall not, without the prior
written consent of Landlord in each instance, amend, change or modify the Sublease, except
Landlord&#146;s consent shall not be required for the exercise of a unilateral right granted to either
Tenant or Subtenant under the Sublease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<B><I>&#091;Conform with facts: </I></B>Tenant represents and warrants to Landlord that, as of the date
hereof, (i)&nbsp;the Lease is in full force and effect, has not been amended or modified, and
constitutes the entire agreement between Landlord and Tenant with respect to Tenant&#146;s occupancy of
the Demised Premises; (ii)&nbsp;any tenant improvements, base building improvements or work allowances
required to be performed or paid by the Landlord under the Lease have been fully completed or paid,
as applicable, in accordance with the provisions of the Lease; (iii)&nbsp;Tenant has no off-sets,
rebates, concessions, abatements or defenses against or with respect to fixed rent, additional rent
or other sums payable under the terms of the Lease and there are currently no outstanding disputes
with respect to the calculation of any fixed rent, additional rent or other sums billed to it; (iv)
to the best of Tenant&#146;s knowledge, Tenant is not in default under the Lease, nor does Tenant have
knowledge of any event which, with the giving of notice or the passage of time or both, would
constitute a default by Tenant; (v)&nbsp;to the best of Tenant&#146;s knowledge, there are no defaults by
Landlord under the Lease nor has any event occurred which, with the giving of notice or the passage
of time or both, would constitute a default by Landlord under the Lease; (vi)&nbsp;the fixed rent under
the Lease has been paid by Tenant through &#091;_____&#093; and Operating Expense Payments and Tax
Payments (as such terms are defined in the Lease) have been paid through &#091;_____&#093;; and (vii)
Tenant has not (A)&nbsp;assigned or encumbered its interest under the Lease, (B)&nbsp;sublet the Demised
Premises or any part thereof or (C)&nbsp;otherwise transferred its interest in the Lease or the Demised
Premises.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Tenant and Subtenant each jointly and severally represents and warrants to Landlord that
the information supplied to Landlord by each of Tenant and Subtenant in connection obtaining
Landlord&#146;s consent pursuant to this Agreement (including, without limitation, all summaries,
financial statements, notices, and other documents) is true and complete.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;Tenant and Subtenant each jointly and severally represents and warrants to Landlord that
no consideration (except as set forth in the Sublease) has been, or will be, paid by Subtenant for,
or in connection with, the Sublease, the Sublet Space or any FFE.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;<B><I>&#091;If no profit &#151; </I></B>Tenant represents and warrants to Landlord that (i)&nbsp;there is not, and
shall not any time be, any amount due and payable to Landlord pursuant to Section&nbsp;10.03(f) of the
Lease (&#147;<B>Profit</B>&#148;) arising from the Sublease as illustrated by Tenant&#146;s calculations attached hereto
as <U>Exhibit&nbsp;B</U> and (ii)&nbsp;all costs and expenses which, Tenant claims, have been incurred, or
will hereafter be incurred, by Tenant in connection with the Sublease, and which are deductible in
the calculation of Profit, are set forth on <U>Exhibit&nbsp;B</U>. Tenant shall not have the right to
claim that any costs or expenses are deductible in the calculation of Profit other than those set
forth on <U>Exhibit&nbsp;B</U>. Notwithstanding the foregoing, Landlord and Tenant acknowledge that
the amounts payable in respect of the operating expense and real estate tax escalation charges
under both the Lease and the Sublease are based on estimates only and are subject to final
determination, as provided under the Lease and the Sublease, as the case may be. Accordingly, in
the event a reconciliation of the fixed rent and/or escalations for real estate taxes and operating
expenses under both the Lease and the Sublease shall result in a Profit arising from the Sublease,
Landlord shall be entitled to the Profit, in accordance with the terms of the Lease. Nothing
contained herein constitutes an agreement by Landlord that there is no Profit arising from the
Sublease and Landlord reserves all of its rights to claim that such Profit exists (and to receive
the same in accordance with the terms of the Lease) and to audit the books and records of Tenant in
connection therewith.<B><I>&#093;</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%"><B><I>&#091;If there is profit</I></B>: Tenant represents and warrants to Landlord that (i)&nbsp;attached hereto as
<U>Exhibit&nbsp;B</U> is Tenant&#146;s calculation of the anticipated amount due and payable to Landlord
pursuant to Section&nbsp;10.03(f) of the Lease (&#147;<B>Profit</B>&#148;) arising from the Sublease and (ii)&nbsp;all costs
and expenses which, Tenant claims, have been incurred, or will hereafter be incurred, by Tenant in
connection with the Sublease, and which are deductible in the calculation of Profit, are set forth
on <U>Exhibit&nbsp;B</U>. Tenant shall not have the right to claim that any costs or expenses are
deductible in the calculation of Profit other than those set forth on <U>Exhibit&nbsp;B</U>.
Notwithstanding the foregoing, Landlord and Tenant acknowledge that the amounts set forth on
<U>Exhibit&nbsp;B</U> in respect of the operating expense and real estate tax escalation charges under
both the Lease and the Sublease are based on estimates only and are subject to final determination,
as provided under the Lease and the Sublease, as the case may be. Accordingly, in the event a
reconciliation of the fixed rent and/or escalations for real estate taxes and operating expenses,
under both the Lease and the Sublease, shall result in a Profit arising from the Sublease, Landlord
shall be entitled to the Profit, in accordance with the terms of the Lease. Nothing contained
herein constitutes an agreement by Landlord that <U>Exhibit&nbsp;B</U> constitutes a correct
calculation of the anticipated Profit with respect to the Sublease, and Landlord reserves all of
its rights to dispute the same (and to receive Profits in accordance with the terms of the Lease)
and to audit the books and records of Tenant in connection therewith.&#093;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;The representations and warranties contained in this <U>Paragraph&nbsp;10</U> shall be deemed
incorporated in the Lease and Sublease and the inaccuracy of any of such representations and
warranties shall constitute a default under the Lease and Sublease entitling Landlord to exercise
any or all of the remedies for default provided therein or otherwise available under the Lease.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">11.&nbsp;Upon the expiration or termination of the term of the Lease during the term of the
Sublease by reason of condemnation or eminent domain or destruction by fire or other
cause, or if the Lease expires or is terminated for any other reason whatsoever (including,
without limitation, Tenant&#146;s default thereunder) or is surrendered by Tenant to Landlord, then, the
Sublease and its term shall expire and come to an end as of the effective date of such expiration,
termination or surrender and Subtenant shall vacate the Sublet Space on or before such date. If
Subtenant does not so vacate, Landlord shall be entitled to all of the rights and remedies
available to a landlord under the Lease against a tenant holding over after the expiration of a
term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">12.&nbsp;Any breach or violation of any provision of this Agreement (whether by act or by omission)
by Tenant or Subtenant shall be deemed to be and shall constitute a default by Tenant in fulfilling
the provisions of the Lease and by Subtenant in fulfilling the provisions of the Sublease, and, in
such event, Landlord may exercise its rights and remedies under the Lease in the case of such a
default.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">13.&nbsp;In the event that Tenant shall be in default under the Lease beyond the expiration of
applicable notice and cure periods under the Lease (if any) and Landlord gives notice of any such
default to Subtenant (which Landlord shall have no obligation to give), then, from the date upon
which Landlord gives such notice to Subtenant until such time as Landlord rescinds said notice,
Subtenant shall make all payments of fixed rent and additional rent/charges due under the Sublease
directly to Landlord by unendorsed check made payable solely to Landlord at the address designated
by Landlord in said notice. Any such payments shall be credited, upon collection only, by (a)
Landlord against any fixed rent and additional rent/charges due Landlord by Tenant under the Lease
in such manner and in such order as Landlord may elect, in its sole discretion, and (b)&nbsp;Tenant
against any sums due Tenant by Subtenant under the Sublease. Tenant hereby authorizes payment by
Subtenant to Landlord pursuant to this <U>Paragraph&nbsp;13</U>. Landlord may exercise its rights
under this <U>Paragraph&nbsp;13</U> on one or more occasions, and from time to time, as often as
Landlord desires, and the rights granted to it hereunder shall apply in each event of default by
Tenant under the Lease. This <U>Paragraph&nbsp;13</U> shall in no event limit or impair other rights
and remedies which may be available to Landlord as a result of any such default by Tenant. The
acceptance of any such payments from Subtenant shall not be deemed an acceptance of Subtenant as
tenant under the Lease or an attornment to Landlord under the Sublease nor shall it release Tenant
from any of its obligations under the Lease. In connection with an attornment by Subtenant to
Landlord following such default by Tenant, Tenant shall deliver to Landlord, on demand, the full
amount of all security deposits (together with accrued interest thereon) held by Tenant under the
Sublease (whether in cash, by letter of credit, or otherwise). If any such security deposit is in
the form of a letter of credit (or similar instrument), Tenant shall be required to deliver the
original letter of credit (or similar instrument) together with originals of all amendments thereto
together with such instruments of transfer as the issuer may require in order to name Landlord as
the beneficiary thereunder (and Tenant shall pay all transfer fees and other out-of-pocket costs
incurred by Landlord to effectuate such transfer). Tenant and Subtenant shall cooperate with
Landlord in all respects (including, without limitation, by executing and delivering such
affidavits, transfer agreements and other instruments requested by the issuing bank) so as to
effectuate such transfer as expeditiously as possible.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">14.&nbsp;Any notice or demand, consent, approval or disapproval (collectively, &#147;<U>Notice</U>&#148;)
required to be given by the terms and provisions of this Agreement, or by any law or governmental
regulation, shall be in writing. Unless otherwise required by such law or regulation, such
notice, demand, consent, approval or disapproval (other than for rent or additional rent bills)
shall be given, and shall be deemed to have been served and given, if sent by hand (against a
signed receipt) on the business day delivered if delivered before 5:00 P.M. New York time, or if
delivered after 5:00 P.M. New York time, then on the following business day, or by prepaid
nationally recognized overnight express service marked for next business day delivery and same
shall be deemed delivered and effective the next business day if delivered before 5:00 P.M. New
York time, or if delivered after 5:00 P.M. New York time, then on the following business day.
Notices shall be delivered to the addresses set forth below:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Subtenant, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">&#091;_____&#093;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Tenant, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">With copies to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">c/o Viner Finance Inc.<BR>
Viner Finance Inc.<BR>
85 Broad Street<BR>
New York, New York 10004<BR>
Attn: Dennis McNamara, Esq.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Ingram Yuzek Gainen Carroll &#038; Bertolotti, LLP,<BR>
250 Park Avenue, Sixth Floor<BR>
New York, New York 10177<BR>
Attn: Shane O&#146;Neill, Esq.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to Landlord, to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">85 Broad Street LLC<BR>
c/o Metropolitan Life Insurance Company<BR>
10 Park Avenue, Morristown<BR>
New Jersey 07960<BR>
Attention: Officer-In-Charge
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">With copies to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">85 Broad Street LLC<BR>
c/o Metropolitan Life Insurance Company<BR>

10 Park Avenue, Morristown<BR>
New Jersey 07960<BR>
Attention: Chief Real Estate Counsel<BR><BR>

and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Fried, Frank, Harris, Shriver &#038; Jacobson LLP<BR>
One New York Plaza<BR>
New York, New York 10004<BR>
Attn: Ross Z. Silver, Esq.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">15.&nbsp;(a)&nbsp;Neither Landlord, any superior lessor or any superior mortgagee, nor any direct or
indirect member, partner, director, officer, shareholder, principal, agent, servant or employee of
Landlord, any ground lessor or any mortgagee (whether disclosed or undisclosed) (Landlord together
with all of the foregoing, collectively, the &#147;<B>Indemnified Parties</B>&#148;), shall be liable to Subtenant
for (i)&nbsp;any loss, injury or damage to Subtenant or to any other person claiming by, through or
under Subtenant, or to its or their property, irrespective of the cause of such injury, damage or
loss, nor shall the aforesaid parties be liable for any loss of or damage to property of Subtenant,
or of others claiming by, through or under Subtenant, entrusted to employees of Landlord, (ii)&nbsp;any
loss, injury or damage described in clause (i)&nbsp;above caused by other tenants or persons in, upon or
about the Building, or caused by operations in construction of any private, public or quasi-public
work, or (iii)&nbsp;even if negligent, consequential damages arising out of any loss of use of the
Sublet Space or any equipment, facilities therein; provided, subject to the extent of the release
of liability and waiver of subgrogation provided in Section&nbsp;7.06 of the Lease, the foregoing shall
not be construed to relieve Landlord from liability in connection with acts or ommissions of
Landlord that a court of competent jurisdiction finally determines arose from Landlord&#146;s negligence
or willful misconduct.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Subtenant shall indemnify and hold harmless the Indemnified Parties from and against any
and all claims arising from or in connection with (i)&nbsp;the conduct or management of the Sublet Space
or of any business therein, or any work or thing done, or any condition created, in or about the
Sublet Space, (ii)&nbsp;any act, omission or negligence of Subtenant or any person claiming through or
under Subtenant or any of their respective direct or indirect members, partners, shareholders,
directors, officers, agents, employees or contractors, (iii)&nbsp;any accident, injury or damage
occurring in, at or upon the Sublet Space, (iv)&nbsp;any default by Subtenant in the performance of
Subtenant&#146;s obligations under the Sublease, and (v)&nbsp;any brokerage commission or similar
compensation claimed to be due by reason of any proposed further subletting or assignment by
Subtenant; together with all reasonable costs, expenses and liabilities incurred in connection with
each such claim or action or proceeding brought thereon, including, without limitation, all
reasonable attorneys&#146; fees and disbursements; <U>provided</U>, that the foregoing indemnity shall
not apply to the extent such claim results from the negligence or willful misconduct of the
Indemnified Party. If any action or proceeding is brought against any Indemnified Party by reason
of any such claim, Subtenant, upon notice from such Indemnified Party shall resist and defend such
action or proceeding (by counsel reasonably satisfactory to such Indemnified Party).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">16.&nbsp;This Agreement shall be construed and enforced in accordance with the laws of the State of
New York (without giving effect to conflict of laws principles thereof).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">17.&nbsp;This Agreement contains the entire agreement of the parties hereto with respect to the
subject matter hereof. This Agreement may not be changed, modified, terminated or discharged
unless such change, modification, termination or discharge is in writing and signed by Landlord.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">18.&nbsp;Each right and remedy of Landlord provided for in this Agreement or in the Lease shall be
cumulative and shall be in addition to every other right and remedy provided for therein or now or
hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of
the exercise by Landlord of any one or more of the rights or remedies so provided for or existing
shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or
remedies so provided for or so existing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">19.&nbsp;If any one or more of the provisions contained in this Agreement shall be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired thereby.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">20.&nbsp;Tenant covenants to deliver to Landlord, contemporaneously with the delivery of this
Agreement to Landlord, a check or checks, subject to collection, made payable to the order of
Landlord and/or Landlord&#146;s counsel, as directed by Landlord, in a sum equal to all costs and
reasonable legal fees incurred by Landlord in connection with the granting of this consent. At
Landlord&#146;s option, the validity and enforceability of this Agreement is expressly conditioned upon
Tenant delivering said check(s) and the collection thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">21.&nbsp;Tenant and Subtenant each, jointly and severally (a)&nbsp;represents and warrants to Landlord
that no broker, finder or similar person was involved in the granting of Landlord&#146;s consent
pursuant to this Agreement or the execution of the Sublease (or the transactions contemplated
thereby) other than &#091;_____&#093; (&#147;<B>Broker</B>&#148;) and (b)&nbsp;agrees to defend, indemnify and hold Landlord
(including, without limitation, any Indemnified Parties) harmless from and against any and all (i)
claims of and liabilities to any broker(s), finder(s) and/or any other person(s) (including,
without limitation, Broker) for the payment of any fees, commissions or other sums alleged to be
due as a result of the granting of Landlord&#146;s consent pursuant to this Agreement and/or the
execution of the Sublease (or the transactions contemplated thereby), and (ii)&nbsp;loss, cost,
liability, expense or damage suffered by Landlord (including, without limitation, reasonable
attorneys&#146; fees, court costs and disbursements) arising from, relating to or in connection with any
breach of the representation and warranty contained in clause (a)&nbsp;above or any such claims and
liabilities described in clause (b).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">22.&nbsp;This Agreement shall inure to the benefit of and be binding upon Subtenant and Tenant and
their respective permitted successors or assignees and shall inure to the benefit of and be binding
upon Landlord and its successors and assigns, including any purchaser of the Building.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">23.&nbsp;This Agreement shall not be effective until executed by each of Landlord, Tenant and
Subtenant. This Agreement may be executed in multiple counterparts, each of which shall be deemed
an original, and such counterparts shall constitute one and the same instrument.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;No further text on this page; signature page follows.&#093;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set
forth at the outset of this Agreement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Landlord</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">85 BROAD STREET LLC,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware limited liability company</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">85 Broad Street Mezzanine LLC,<BR>
its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Metropolitan Life Insurance Company,<BR>
its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;David.v. Politano&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: David V. Politano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Tenant</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Viner Finance Inc.,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Albert G. Lowenthal&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Albert G. Lowenthal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: CEO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>Subtenant</U>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;___________________________&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Sublease</U>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Profit Calculation</U>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT TF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">THIRD PARTY EARLY ACCESS SPACE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EXHIBIT UPS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">UPS SPACE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;See attached&#093;</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>c20377exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Albert G. Lowenthal, certify that:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this quarterly report on Form 10-Q of Oppenheimer Holdings Inc.;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the registrant and have:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of the end of the period covered by this report based on such
evaluation; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">d) Disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most recent fiscal quarter (the
registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s internal control
over financial reporting; and
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of registrant&#146;s board of directors (or persons performing
the equivalent functions):</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrant&#146;s ability to record, process, summarize and report financial information;
and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant&#146;s internal control over financial reporting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;A.G. Lowenthal&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Albert G. Lowenthal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">August
9, 2011
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>c20377exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Elaine K. Roberts, certify that:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this quarterly report on Form 10-Q of Oppenheimer Holdings Inc.;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">c) Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">d) Disclosed in this report any change in the registrant&#146;s internal control over financial
reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial
reporting; and
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the
audit committee of registrant&#146;s board of directors (or persons performing the equivalent
functions):</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(a)&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize and report financial information; and
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">b) Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant&#146;s internal control over financial reporting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;E.K. Roberts&#148;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Elaine K. Roberts
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Principal Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">August
9, 2011
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>c20377exv32.htm
<DESCRIPTION>EXHIBIT 32
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">




<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 32.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The undersigned, Albert G. Lowenthal, Chairman and Chief Executive Officer of Oppenheimer Holdings
Inc. (the &#147;Company&#148;), and Elaine K. Roberts, President and Principal Financial Officer of the Company,
hereby certify that to his/her knowledge the Quarterly Report on Form 10-Q for the quarter ended
June&nbsp;30, 2011 of the Company filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;) fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934 and the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company for the period
specified.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Signed
at New York, New York, this
9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;A.G. Lowenthal&#148;<BR>
Albert G. Lowenthal<BR>
Chairman and Chief Executive Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;E.K. Roberts&#148;<BR>
Elaine K. Roberts<BR>
President and Principal Financial Officer

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</SEC-DOCUMENT>
