Oppenheimer Holdings Inc. - Notice of Intention to Buy Back Class A Common Shares By Way of an Issuer Bid

    NYSE - OPY

    NEW YORK, May 29 /CNW/ - Oppenheimer Holdings Inc. is announcing today
its intention to purchase up to 600,000 of its Class A non-voting common
shares by way of an Issuer Bid commencing June 2, 2009 and ending December 31,
2009 through the facilities of the New York Stock Exchange, in compliance with
its rules and regulations and the rules and regulations of the Securities and
Exchange Commission. The 600,000 shares represent approximately 5% of its
12,968,992 issued Class A non-voting common shares. Any such purchases will be
made by the Company at the prevailing open market price. All shares purchased
will be cancelled.
    The Company believes that its Class A non-voting common shares from time
to time are undervalued at prevailing market prices based on the Company's
earnings and prospects. In such circumstances the Company believes that the
repurchase of Class A non-voting common shares at such market prices is an
appropriate use of corporate funds and should benefit shareholders. Further,
such purchases will offset, at least in part, issuance by the Company of Class
A non-voting common shares in connection with its equity incentive plan and
other employee benefit plans.

    Oppenheimer, through its principal subsidiaries, Oppenheimer & Co. Inc.
(a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide
range of investment banking, securities, investment management and wealth
management services from over 94 offices in 26 states and through local
broker-dealers in 4 foreign jurisdictions. Oppenheimer employs over 3,500
people. The Company offers trust and estate services through Oppenheimer Trust
Company. OPY Credit Corp. offers syndication as well as trading of issued
corporate loans. Evanston Financial Corporation is engaged in mortgage
brokerage and servicing. In addition, through Freedom Investments, Inc. and
the BUYandHOLD division of Freedom, Oppenheimer offers online discount
brokerage and dollar-based investing services.

    This press release includes certain "forward-looking statements" relating
to anticipated future performance. For a discussion of the factors that could
cause future performance to be different than anticipated, reference is made
to Oppenheimer's Annual Report on Form 10-K for the year ended December 31,

For further information:

For further information: A.G. Lowenthal, (212) 668-8000 or E.K. Roberts,
(416) 322-1515

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