Regulatory Changes Impact Overview

OPPENHEIMER Regulation & Trading Markets Volcker Rule & Basel III will: - Reduce willingness to carry inventory Issuers will have shorter windows • Risk-On/Risk-Off will continue to affect markets and receptivity to new issue Agency markets are likely to be permanent . "Leave your order with me" • "I'll get back to you" Smaller players are likely to have better information and markets • More dedicated • Fewer distractions • Better relationships 12

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