<SEC-DOCUMENT>0000950123-11-034988.txt : 20110412
<SEC-HEADER>0000950123-11-034988.hdr.sgml : 20110412
<ACCEPTANCE-DATETIME>20110412170917
ACCESSION NUMBER:		0000950123-11-034988
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110412
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
FILED AS OF DATE:		20110412
DATE AS OF CHANGE:		20110412

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		11755491

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y90825e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><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: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): April&nbsp;12, 2011</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Oppenheimer Holdings Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
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    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or Other <BR>
Jurisdiction <BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-12043</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0080034</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>125 Broad Street<BR>

New York, New York 10004</B><BR>

(Address of Principal Executive Offices) (Zip Code)<BR>

<B>(212)&nbsp;668-8000</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>None</B><BR>

(Former Name or Former Address, if Changed Since Last Report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>

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<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
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</TABLE>
</DIV>

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    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

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    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
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<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</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>







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<A name="Y90825toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD></TD><TD colspan="8"><A HREF="#Y90825000">Item&nbsp;1.01 Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y90825001">Item&nbsp;1.02 Termination of a Material Definitive Agreement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y90825002">Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#Y90825003">Item&nbsp;3.03 Material Modification of Rights of Security Holders.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#Y90825004"> <U>SIGNATURES</U></A></TD></TR>
</TABLE>
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<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Indenture and Senior Secured Notes due 2018</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;12, 2011, Oppenheimer Holdings Inc., a Delaware corporation (the &#147;Company&#148;), issued
$200,000,000 aggregate principal amount of 8.75% Senior Secured Notes due 2018 (the &#147;Notes&#148;) under
an indenture, dated as of April&nbsp;12, 2011 (the &#147;Indenture&#148;), among the Company, the Company&#146;s
subsidiaries, E.A. Viner International Co. and Viner Finance Inc. (together, the &#147;Subsidiary
Guarantors&#148;), and The Bank of New York Mellon Trust Company, N.A., as trustee (the &#147;Trustee&#148;) and as
collateral agent (the &#147;Collateral Agent&#148;). The Notes were issued in a private offering exempt from
the registration requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), to
qualified institutional buyers in accordance with Rule&nbsp;144A and to persons outside of the United
States pursuant to Regulation&nbsp;S under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company used the net proceeds from the offering of the Notes to refinance (i) $22.4
million outstanding as of December&nbsp;31, 2010 under its Secured Credit Note and (ii)&nbsp;all amounts
outstanding under its $100.0&nbsp;million Subordinated Note. The remaining net proceeds of this offering
were used for general corporate purposes. The Notes are guaranteed on a senior secured basis by the
Subsidiary Guarantors. The Notes are secured by a first-priority security interest in substantially
all of the Company&#146;s and the Subsidiary Guarantors&#146; existing and future tangible and intangible
assets subject to certain exceptions and permitted liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are secured senior obligations of the Company and will mature on April&nbsp;15, 2018. The
Notes bear interest at a rate of 8.75% per annum, payable semiannually to holders of record at the
close of business on April 1 or October 1 immediately preceding the interest payment date on April
15 and October&nbsp;15 of each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may redeem all or a portion of the Notes at any time on or after April&nbsp;15, 2014,
at the applicable redemption price plus accrued and unpaid interest and additional interest, if
any, to, but not including the redemption date. In addition, prior to April&nbsp;15, 2014, the Company
may redeem, at its option, in whole at any time or in part from time to time, the Notes at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed plus a
&#147;make-whole&#148; premium and accrued and unpaid interest and additional interest, if any. In addition
at any time on or prior to April&nbsp;15, 2014, the Company may also redeem up to 35% of the principal
amount of the Notes with the net cash proceeds of one or more sales of the Company&#146;s capital stock
(other than disqualified stock) at a redemption price equal to 108.75% of the principal amount
thereof, plus accrued and unpaid interest and additional interest, if any; provided that at least
65% of the original aggregate principal amount of the Notes (calculated after giving effect to any
issuance of additional notes) remains outstanding after each such redemption and notice is mailed
within 90&nbsp;days of any such sale of Common Stock. If the Company experiences certain kinds of
changes in control, it must offer to purchase the Notes at a price equal to 101% of the principal
amount, plus accrued and unpaid interest and additional interest, if
any. If the Company sells certain assets, it must offer to
repurchase the Notes at 100% of the principal amount, plus accrued and unpaid interest and
additional interest, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief description of the terms of the Notes and the Indenture.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Ranking</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of the principal of, premium, if any, and interest and additional interest on the
Notes and the payment of any Subsidiary Guarantee (defined below) will:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rank effectively senior in right of payment to all unsecured and unsubordinated
obligations of the</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company or the relevant Subsidiary Guarantor, to the extent of the value of the
collateral owned by the Company or such Subsidiary Guarantor (and, to the extent of any
unsecured remainder after payment of the value of the collateral, rank equally in right
of payment with such unsecured and unsubordinated indebtedness of the Company);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rank senior in right of payment to any subordinated debt of the Company or such
Subsidiary Guarantor;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be secured on a first-priority basis by the collateral, subject to certain
exceptions and permitted liens, and it is intended that pari passu lien indebtedness, if
any, will be secured on an equal and ratable basis; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rank effectively junior in right of payment to all existing and future indebtedness,
claims of holders of preferred stock and other liabilities (including trade payables)
of Subsidiaries of the Company that are not guarantors, including all Regulated
Subsidiaries and unrestricted subsidiaries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the covenants, Regulated Subsidiaries refers to any direct or indirect
subsidiary of the Company that is registered as (i)&nbsp;a broker dealer pursuant to Section&nbsp;15 of the
Securities Exchange Act of 1934, as amended, (ii)&nbsp;a broker dealer or underwriter under any foreign securities law or (iii)&nbsp;a
banking or insurance subsidiary regulated under state, federal or foreign laws. Restricted
subsidiaries generally include any of the Company&#146;s subsidiaries that are not Regulated
Subsidiaries and that have not been designated by the Company&#146;s board of directors as unrestricted.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Subsidiary Guarantees</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are jointly and severally and fully and unconditionally guaranteed on a senior
secured basis by the Subsidiary Guarantors and future subsidiaries required to guarantee the Notes
pursuant to the Indenture (each guarantee a &#147;Subsidiary Guarantee&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Collateral</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes and Subsidiary Guarantees are secured by a first-priority security interest in
substantially all of the Company&#146;s and the Subsidiary Guarantors&#146; existing and future tangible and
intangible assets, subject to certain exceptions and permitted liens.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Optional Redemption</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after April&nbsp;15, 2014, the Company may redeem the Notes at its option at the following
redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid
interest and additional interest, if any, to, but not including:
</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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Redemption</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>If redeemed during the 12-month period commencing April 15,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

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<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">106.563</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">104.375</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.188</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2017 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at any time prior to April&nbsp;15, 2014, the Company may redeem the Notes at its
option, in whole at any time or in part from time to time, at a redemption price equal to 100% of
the principal amount of the Notes redeemed plus a &#147;make whole&#148; premium and accrued and unpaid
interest to and additional interest, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at any time prior to April&nbsp;15, 2014, the Company may redeem in the aggregate up
to 35% of the principal amount of the Notes with the net cash proceeds of one or more sales of the
Company&#146;s capital stock (other than disqualified stock) at a redemption price (expressed as a
percentage of the principal amount thereof) of 108.75%, plus accrued and unpaid interest and
additional interest, if any, to, but not including, the redemption date; <I>provided, </I>that at least
65% of the original aggregate principal amount of the Notes (calculated after giving effect to any
issuance of additional Notes) remains outstanding after each such redemption and notice of any such
notice is mailed within 90&nbsp;days of each such sale of capital stock. The Company will not given less
than 30&nbsp;days&#146; nor more than 90&nbsp;days&#146; notice of any redemption.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change of Control</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a change of control, as defined in the Indenture, the Company must
offer to repurchase the Notes at 101% of the principal amount, plus accrued and unpaid interest and
additional interest, if any, to the payment date.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Covenants</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains various covenants that limit the Company and its restricted
subsidiaries&#146; and, in certain limited cases, its Regulated Subsidiaries, among other things, to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur additional debt and issue preferred stock;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay dividends, acquire shares of capital stock, make payments on subordinated debt
or make investments;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>place limitations on distributions from Regulated Subsidiaries or restricted
subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue guarantees;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell or exchange assets;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into transactions with shareholders and affiliates;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create liens; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect mergers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These covenants are subject to a number of important exceptions and qualifications. These
exceptions and qualifications include, among other things, a variety of provisions that are
intended to allow us to continue to conduct our brokerage operations in the ordinary course of
business. In addition, certain of the covenants will be suspended
upon the Company attaining an investment grade debt rating for the
Notes from both
Standard &#038; Poor&#146;s, a division of The McGraw-Hill Companies, Inc. and Moody&#146;s Investors Service,
Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Indenture, the following covenants apply to us and our restricted
subsidiaries, but generally do not apply, or apply only in part, to our Regulated Subsidiaries:
</DIV>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#Y90825toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitation on indebtedness and issuances of preferred stock, which restricts the
Company&#146;s ability to incur additional indebtedness or to issue preferred stock;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitations on restricted payments, which generally restricts the Company&#146;s ability
to declare certain dividends or distributions or to make certain investments;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitation on dividend and other payment restrictions affecting restricted
subsidiaries or Regulated Subsidiaries, which generally prohibits restrictions on the
ability of certain of the Company&#146;s subsidiaries to pay dividends or make other
transfers;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future Subsidiary Guarantors, which prohibits certain of the Company&#146;s subsidiaries
from guaranteeing our indebtedness or indebtedness of any restricted subsidiary unless
the Notes are comparably guaranteed;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitation on transactions with shareholders and affiliates, which generally
requires transactions among the Company&#146;s affiliated entities to be conducted on an
arm&#146;s-length basis;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitation on liens, which generally prohibits the Company and its restricted
subsidiaries from granting liens unless the Notes are comparably secured; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitation on asset sales, which generally prohibits the Company and certain of its
subsidiaries from selling assets or certain securities or property of significant
subsidiaries.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events of Default</I></B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture also provide for events of default which, if any of them occurs, would permit or
require the principal of and accrued interest on the Notes to become or to be declared due and
payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Security Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;12, 2011, the Company, the Subsidiary Guarantors and The Bank of New York Mellon
Trust Company, N.A., as collateral agent, entered into a Security Agreement, dated and effective as
of April&nbsp;12, 2011 (the &#147;Security Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Security Agreement, the Notes are secured by a first-priority security
interest, subject to certain exceptions and permitted liens, in substantially all of the Company&#146;s and the Subsidiary
Guarantors&#146; existing and future tangible and intangible assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Registration Rights Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;12, 2011, the Company and the Subsidiary Guarantors entered into a registration
rights agreement (the &#147;Registration Rights Agreement&#148;) with respect to the Notes with the Initial
Purchasers. In the Registration Rights Agreement, the Company agreed
that it will file an exchange offer registration statement with the
Securities and Exchange Commission (the &#147;SEC&#148;) with respect to an offer to exchange
the Notes for registered notes, or the exchange notes, having identical terms in all material
respects to the Notes and which will evidence the same continuing indebtedness of the Company and
the Subsidiary Guarantors (except that the exchange notes will not contain terms with respect to
transfer restrictions or interest rate increases as described below).
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is required to (i)&nbsp;use its commercially reasonable efforts to have the exchange
offer registration statement declared effective by the SEC, (ii)&nbsp;keep the exchange offer
registration statement effective until the closing of the exchange offer and (iii)&nbsp;use its
commercially reasonable efforts to consummate the exchange offer within 360 calendar days after the
closing of the offering. In addition, the Company has agreed under certain circumstances to use its
reasonable best efforts to cause to become effective a shelf registration statement relating to
resales of the Notes and to keep that shelf registration statement effective until the second
anniversary date of the issue date of the Notes or such shorter period that will terminate when all
Notes covered by the shelf registration statement have been sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that (i)&nbsp;the exchange offer is not consummated and no shelf registration
statement is declared effective within 360&nbsp;days of the closing of the offering or (ii)&nbsp;the shelf
registration statement is declared effective but shall thereafter become unusable for a period in
excess of 60&nbsp;days (each of (i)&nbsp;and (ii), a &#147;Registration Default&#148;), the interest rate borne by the
notes will be increased by 0.25% per annum for the first 90&nbsp;days, beginning the day after the
occurrence of the first Registration Default, and 0.50% thereafter. Upon (y)&nbsp;the consummation of
the exchange offer or the effectiveness of a shelf registration statement, as the case may be (in
the case of clause (i)&nbsp;above), or (z)&nbsp;the shelf registration statement, together with any amendment
or supplement thereto, becomes usable (in the case of clause (ii)&nbsp;above), the interest rate borne
by the notes will be reduced to the original interest rate if the Company is otherwise in
compliance with this paragraph.
</DIV>
<!-- link2 "Item&nbsp;1.02 Termination of a Material Definitive Agreement" -->
<DIV align="left"><A NAME="Y90825001"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Termination of a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April&nbsp;12, 2011, the Company terminated its (i)&nbsp;Senior Secured Credit Agreement (the
&#147;Senior Secured Credit Note&#148;), dated as of July&nbsp;31, 2006, among E.A. Viner International Co., as
borrower, and other credit parties thereto from time to time, as guarantors, and the lenders party
thereto from time to time, and Morgan Stanley Senior Funding, Inc., as administrative agent and
syndication agent, and Morgan Stanley &#038; Co. Incorporated, as collateral agent, (ii)&nbsp;Pledge and
Security Agreement (&#147;Pledge and Security Agreement&#148;), dated as of July&nbsp;31, 2006, by and among E.A.
Viner International Co., as borrower, and the other credit parties thereto form time to time, as
guarantors, and Morgan Stanley &#038; Co. Incorporated, as collateral agent, and (iii)&nbsp;Subordinated
Credit Agreement (the &#147;Subordinated Note&#148;), dated as of January&nbsp;14, 2008 by and among E.A. Viner
International Co., Canadian Imperial Bank of Commerce and CIBC World Markets Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Company&#146;s termination of the Senior Secured Credit Note, Pledge and
Security Agreement and Subordinated Note, the Company completed the offering of its Notes described
under Item&nbsp;1.01 above, which description is herein incorporated by reference. Affiliates of certain
lenders under the Senior Secured Credit Note acted as the initial purchasers in the offering of the
Notes and, as such, received certain fees payable by the Company in connection with such offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descriptions of the material terms of the Senior Secured Credit Note and Security and Pledge
Agreement were included in the Company&#146;s Current Report on Form 8-K filed with the SEC on August&nbsp;3,
2006 and a description of the material terms of the Subordinated Note was included in the Company&#146;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2007. Such descriptions are incorporated
herein by reference.
</DIV>
<!-- link2 "Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant." -->
<DIV align="left"><A NAME="Y90825002"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.03</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in Item&nbsp;1.01 is incorporated herein by reference into this Item
2.03.
</DIV>
<!-- link2 "Item&nbsp;3.03 Material Modification of Rights of Security Holders." -->
<DIV align="left"><A NAME="Y90825003"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.03</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Material Modification of Rights of Security Holders.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information concerning the Indenture set forth in Item&nbsp;1.01 is incorporated herein by
reference into this Item&nbsp;3.03.
</DIV>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#Y90825toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 " <U>SIGNATURES</U>" -->
<DIV align="left"><A NAME="Y90825004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized.
</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">/s/ E.K. Roberts
&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">E.K. Roberts&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">President and Treasurer
(Duly Authorized Officer and
Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: April&nbsp;12, 2011</DIV>



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




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