Oppenheimer Holdings Inc. - Settlement with FINRA

    NEW YORK and TORONTO, Feb. 21 /CNW/ - Oppenheimer Holdings Inc. (OPY on
the NYSE) is aware that the Financial Industry Regulatory Authority (FINRA)
issued a press release today announcing the Company's settlement of market
timing issues. The Company is pleased to put this matter, which resolves the
last major regulatory issue resulting from a series of acquisitions made by
the firm in 2001-2003, behind it.
    The Company filed a Form 8-K on December 27, 2007 reporting this
settlement with FINRA. In that filing, the Company reminded investors that the
Company had set aside sufficient amounts to fully reserve for this matter.

    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 86 offices in 21 states and through local
broker-dealers in 3 foreign jurisdictions. Oppenheimer employs over 3,500
people, approximately 1,250 of whom are financial advisers. Oppenheimer offers
trust and estate services through Oppenheimer Trust Company. Evanston
Financial Corporation is engaged in mortgage brokerage and servicing. In
addition, through its subsidiary, 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 the Company'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; E.K. ROBERTS -
(416) 322-1515

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