Regulatory Changes Impact Overview

OPPENHEIMER Oppenheimer Highlights Top 10 Private Client Business Conservative Risk Philosophy and Balance Sheet Strong Cash Flows Liquid Balance Sheet Experienced Management Team 1,435 registered representatives ■ National footprint with 94 offices in 26 states and 5 foreign jurisdictions ☐ Entrepreneurial culture that continues to attract experienced new financial advisors ■ Conservative risk position ■ Limited risk in proprietary positions (primarily a transaction flow business) ■ Level III assets (illiquid and/or hard to price) of $88MM ■ 5.7x gross leverage (assets/capital) ■ Generated strong cash flows even in difficult environment ■ $510MM in shareholders' equity ■ Committed bank lines ■ No significant write-downs during financial crisis Regulatory net capital of $142.3MM at June 30, 2012 ☐ ■ Extensive securities industry experience and significant tenure at the Company ■ Top 12 senior managers have an average 14+ years at Oppenheimer and 25+ years of overall industry experience 16

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