Oppenheimer Shareholders Approve Move to the United States

    OPY on the NYSE

    TORONTO and NEW YORK, May 11 /CNW/ - Oppenheimer Holdings Inc. announced
today that its shareholders have approved a proposition to move the domicile
of the corporation from Canada to the United States.
    As previously disclosed, the Company had requested that the holders of
its Class A non-voting and Class B voting shares, voting as single class,
approve the move. The proposition was approved by a wide margin (85.8% for and
5.8% against). There were no dissenting shareholders.
    As a result of the approval, the Company will incur a tax payable to the
Government of Canada arising from the continuance in the amount of
approximately U.S. $2 million. The requirement to pay the tax was previously
    Albert Lowenthal, Chairman & CEO stated, "We are gratified with our
shareholders overwhelming support to move Oppenheimer to the United States. We
are confident that this move will have a long-term positive impact on the

    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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