Corporate and Executive Services

Transcription

1 Corporate and Executive Services

2 Oppenheimer Table of Contents Oppenheimer Overview... 3 Page Corporate & Executive Services...10 Oppenheimer Asset Management...16 Appendix...24 Selected Recent Transactions Bio Important Information 2

3 Overview Oppenheimer & Co. Inc. ( Oppenheimer ) is a leading full service investment firm with over a century of experience in providing financial guidance to its clients. We offer a broad range of financial services catering to high net worth investors, corporate executives, businesses, municipalities and institutions. With over 90 offices located in major financial centers and local communities across the United States, with 2 international offices, and Investment Banking operations in the United Kingdom, Asia and Israel. Oppenheimer has a unique combination of local presence and national resources that enables its experienced professionals to provide attentive service and tailored solutions to its clients. At Oppenheimer, we strive to make sure your interests are never in conflict with ours. Our independence provides us the freedom to offer objective advice and the ability to develop and execute strategies that are designed to meet your investment objectives. 3

4 Introduction to Oppenheimer Oppenheimer is a leading middle market investment firm offering boutique level expertise and client service with major bracket distribution National firm headquartered in New York City with over 3,600 employees Over 90 offices in 26 U.S. states, Washington D.C., and two foreign countries, with Investment Banking operations in the United Kingdom, Asia and Israel One of the largest independent U.S. investment firms based on the number of registered brokers Over 1,400 private client Financial Advisors servicing high net worth individuals 125 institutional sales people covering over 3,000 accounts Over 40 senior research analysts covering over 675 companies Over $66 billion of client assets One of the broadest and most robust retail distribution platforms among investment firms focused on small-cap companies Full-service asset management platform supported by over 100 experienced professionals Proactive capital markets group provides clients exposure to the institutional investor community and significant after-market support Parent company Oppenheimer Holdings Inc. is publicly traded on the New York Stock Exchange ( OPY ) 4

5 Oppenheimer s Value Proposition Strong and Focused Small-Cap Practice Creative and knowledgeable senior bankers with deep skill-sets Significant private and public fund-raising expertise for emerging growth and middle market companies Ability to interface productively with entrepreneurs and Fortune 500 managements Broad and National Distribution Platform Wide network of qualified investors 125 institutional sales people who cover 3,000 institutional and high net worth accounts National distribution network of over 1,400 Financial Advisors with one of the broadest retail platforms among U.S. investment firms focused on the mid-market Proactive Capital Markets Group Expansion of awareness of small- and mid-cap companies to investors Organization of non-deal road shows, conferences, etc., which expose corporate clients to institutional investors Independent and Institutional-Driven Research Over 40 senior equity research analysts After-Market Support A leading market maker on Wall Street Emphasis on after-market institutional and trading support Ongoing sales and research follow-up 5

6 Integrated Capabilities Wealth Management Services Over 1,400 Financial Advisors located in more than 90 offices in major financial centers and local communities across the United States Committed to providing unbiased and independent advice on a broad range of traditional and nontraditional products and services to individuals, families, corporate executives, businesses and institutions Oppenheimer Asset Management Inc.* Founded to help individual and institutional investors build customized investment plans based on strategic asset allocation; supported by over 100 experienced professionals Providing clients with customized professional money management through the Consulting Group, Oppenheimer Investment Advisers and the Alternative Investments Group of Oppenheimer Asset Management Inc. Oppenheimer Trust Company* Established to help address the important issues of control and continuity of service, extending the substantial relationships that high net worth clients and families have built over the years with the Firm Provides client with access to fiduciary services Capital Markets Capital Markets Our Investment Banking group assists emerging growth and middle market companies raise the capital they require; our Public Finance Department works closely with cities, states and public authorities to help develop efficient financing plans Experienced equity research team with over 40 senior analysts delivering balanced research Sales and trading teams with efficient order execution capabilities and superior client service * Please refer to the Important Information page. 6

7 Oppenheimer Capital Markets The professionals in Oppenheimer s Capital Markets Group focus on serving the financing, trading and research needs of municipalities, institutions and emerging growth and middle market companies. Equity Research Over forty senior analysts, with core competencies in consumer and business services, energy, financial institutions, industrials, healthcare, media & telecommunications, and technology deliver concise, thoughtprovoking research on over 675 mid-cap and larger small-cap companies Investment Banking Oppenheimer s Investment Banking professionals are committed to providing strategic advisory services and market solutions for emerging growth and mid-sized businesses. Our clients typically benefit from our industry expertise, product capabilities and extensive transaction experience. We pride ourselves on a tradition of client service that goes back more than a century and now spans the globe. Public Finance Oppenheimer s dedicated underwriting and marketing system helps issuer clients, including cities, states, school districts, public authorities and private developers, structure publicly offered and privately placed bond issues in both tax-exempt and taxable markets Sales and Trading Our Sales and Trading department of over 125 professionals supports clients with access to capitalproducing strategies and full-service execution in a broad range of debt and equity securities as well as derivative products 7

8 Equity Research China China: Alternative Energy China: Consumer China: Education China: Healthcare China: Media & Intranet China: Specialty Chemical China: Technology & Telecom Consumer & Business Services Broadlines Retailing Business Services Consumer, Household & Personal Care Products Gaming, Lodging & Leisure Hardlines Retailing Restaurants Specialty Retailing Energy Alternative Energy Electric Utilities Energy Trusts Independent Power Producers Master Limited Partnerships Oil & Gas Oil Services and Equipment Financial Institutions Brokers Commercial & Investment Banking Merchant Banking/Private Equity Regional Bank & Thrift Growth Trust Regional Banks US Banks Healthcare Biotechnology Biotechnology Special Situations Healthcare Providers Healthcare Technology & Distribution Life Science Tools Managed Care & Other Healthcare Services Medical Devices Medical Diagnostics Specialty Pharmaceuticals India Industrial/Capital Goods Aerospace & Defense Agricultural Products Chemicals Industrial Multi-Industry Marine Transportation Renewable Fuels Insurance Property & Casualty Investment Strategy Media Media & Internet Special Situations Technical Analysis Technology Applied Technology Clean Technology Communication Software Communication Technology Enterprise Software Infrastructure Software Israeli Technology Memory Components Optical Components Semiconductors & Component Semiconductors & Electronics Capital Equipment Solar Technology Telecommunication Services Communications Services Enhanced Data Services Internet Services 8

9 International Reach and Presence Oppenheimer provides strong institutional distribution, with 125 institutional sales people covering over 3,000 accounts, and an extensive national retail distribution network, with over $66 billion in customer assets. 2 San Francisco Los Angeles International 1 Venezuela 1 Argentina 1 London 1 Tel Aviv 1 Asia Dallas 5 Houston 1 Chicago Atlanta Phil Boston 2 1 NYC Headquarters Notes: (1) Number of Oppenheimer offices noted within each state (2) Major metropolitan areas and financial centers in which Oppenheimer has offices are highlighted and noted 9

10 Corporate and Executive Services Oppenheimer s Financial Advisors and Institutional Sales team have access to a full spectrum of traditional and non-traditional investment products and services to deliver end-to-end financial solutions to our clients. Wealth Planning Corporate Specialized Executive Products Services Sales of Restricted and Control Stock Strategies Hedging and Monetization Strategies Rule 10b5-1 Trading Plans Rule Hedging 10b5-1 and Trading Monetization Plans Sales Strategies of Restricted and Control Options Stock Strategies Planning Services**** Retirement Services Trust Services* Estate and Succession Strategies Investment Consulting** Tailored Solutions Investment Consulting** Portfolio Analysis Investment Policy Asset Allocation Investment Recommendations Portfolio Monitoring Consolidated Reporting Due Diligence Corporate Services Buybacks Corporate Cash Management Retirement Plan Services Employee Stock Option Plans Employee Stock Purchase Plans Deferred Compensation Plans Investment Products Separate Account Management Hedge Funds*** Fund of Hedge Funds*** Exchange Traded Funds Mutual Funds Insurance and Annuities Equity and Fixed Income Securities Options * Trust services are provided by Oppenheimer Trust Company. ** Consulting services provided by the Consulting Group of Oppenheimer Asset Management Inc. (OAM). *** Alternative investments such as Hedge Funds and Fund of Funds are made available only to qualified investors and involve various degrees of risk. Specific standards must be met before investing; generally; individual investors must have a net worth of $1.5 million and entities must have assets of at least $5 million to invest. **** If you select one or more of the advisory services (i.e.; Planning Services) offered by Oppenheimer & Co. Inc. or its affiliate Oppenheimer Asset Management Inc., we will be acting in an advisory capacity. If you ask us to effect securities transactions for you, we will be acting as a broker-dealer. Please see the Oppenheimer & Co. Inc. website or call the branch manager of the office that services your account, for further information regarding the differences between brokerage and advisory products and services. 10

11 Wealth Planning Planning Services * Our planning services are designed to help you understand your current financial position, decide where you want to be at various times in the future and determine what you will need to get there. Retirement Services For individuals, we consult on the selection of an appropriate traditional or Roth IRA. For employers, our services include retirement plan design, administration and recordkeeping vendor search, investment selection, investment policy, performance monitoring, and employee communications. Trust Services** We offer a comprehensive line of trust services and products that address two issues of great concern to high net worth individuals: control and continuity of service. By helping you, in collaboration with your legal advisor, establish a personal trust today, we can help you grow and preserve your assets for the future. Succession Strategies Our succession strategies are designed to assist you in the transition between you and the next generation of your business. We can help you address many management, ownership or tax issues. * If you select one or more of the advisory services (i.e.; Planning Services) offered by Oppenheimer & Co. Inc. or its affiliate Oppenheimer Asset Management Inc., we will be acting in an advisory capacity. If you ask us to effect securities transactions for you, we will be acting as a broker-dealer. Please see the Oppenheimer & Co. Inc. website or call the branch manager of the office that services your account, for further information regarding the differences between brokerage and advisory products and services. ** Trust services are provided by Oppenheimer Trust Company. 11

12 Investment Consulting Portfolio Analysis We carefully analyze your investment portfolio and current holdings to help you determine whether your portfolio is aligned with your investment objectives and long-term goals. Investment Policy We can help you develop an investment policy based on your financial situation, investment objectives, risk tolerance and other financial circumstances. Your investment policy serves as the roadmap for building your investment strategy. Asset Allocation Through a policy of strategic asset allocation, we strive to build you an enduring framework for a strong portfolio based on your specific requirements. We develop an asset allocation strategy that is geared toward meeting your objectives. Investment Recommendation Portfolio Monitoring We use a formal review process to ensure your plan is aligned with your investment strategy. We regularly review your objectives with you and also work with you to determine when and how portfolio rebalancing should occur, if necessary. Consolidated Reporting Every quarter, we send you a customized Quarterly Portfolio Review (QPR)* that contains a comprehensive analysis of account holdings, account activity and market commentary. Through QPR, you have a full picture of your portfolio s performance. Due Diligence Through ongoing due diligence, we monitor the managers and funds in which you have invested, to help ensure they remain appropriate for your portfolio and in line with your investment objectives. We help you identify investment vehicles and managers that are appropriate for your needs. Diversification is at the heart of every portfolio we construct; we believe that diversification is key to managing volatility and reducing risk. * QPRs are provided by Oppenheimer Asset Management Inc. 12

13 Investment Products Separate Account Management Through a disciplined due diligence process, we identify, recommend and help you select investment managers to fulfill an entire asset allocation or just a portion of your portfolio. As part of a separate account program, we monitor your investment managers to help ensure they continue to adhere to the investment strategies for which they were hired. Alternative Investments* We offer a range of nontraditional strategies to qualified investors, including multi-manager fund of funds, single manager strategies, registered hedge funds and offshore funds. When used as a complement to traditional holdings, alternative investments have the potential to enhance a portfolio s return while reducing volatility. Exchange Traded Funds Exchange Traded Funds (ETFs) are designed to provide exposure to a particular market segment or well-known established index. Based on your investment needs, we can help identify if or which ETFs may be appropriate for your portfolio. Mutual Funds We provide our clients with access to major mutual fund families. Through an objective, consultative approach, we can help you identify the fund or funds that we believe are most likely to help you achieve your investment objectives. Insurance Oppenheimer Life Agency, Ltd., a wholly owned subsidiary of Oppenheimer & Co. Inc., is able to offer a wide variety of quality products by maintaining relationships with more than 80 leading insurance companies. Annuities If you have maximized your contributions to your retirement plans, such as a 401(k) or an IRA, an annuity may be a suitable alternative. With no proprietary interest in any one product, we can assist you in the selection of an appropriate annuity based on your objectives and goals. Equity and Fixed Income Securities Equity and fixed income securities are important components in a well-balanced investment portfolio. We can help you select appropriate equity and fixed income securities that may be suitable for your investment objectives, time horizon and risk tolerance. Options For qualified investors, options are financial instruments designed to provide you with the flexibility needed for certain investment solutions. From conservative to speculative, our Financial Advisors will help you determine which options strategies may be suitable for your investment needs. * Alternative investments such as Hedge Funds and Fund of Funds are made available only to qualified investors and involve various degrees of risk. Specific standards must be met before investing; generally; individual investors must have a net worth of $1.5 million and entities must have assets of at least $5 million to invest. 13

14 Corporate Services Buybacks We are experienced in identifying opportunities for executing stock repurchases, and can recommend the appropriate strategy to help ensure corporations yield the maximum financial benefit while complying with regulatory policies and rules. Corporate Cash Management Our experienced professionals provide cash management services to help corporations preserve capital, provide adequate liquidity to meet planned and unexpected expenditures, and maximize returns. Retirement Plan Services We provide a comprehensive range of services designed to assist corporations in establishing and managing retirement plans. We offer a range of plan options to help employers address their organization s retirement needs. Employee Stock Option Plans We can help corporations develop and implement employee stock option plans. Our professionals can assist in evaluating various plan options and in explaining the benefits of the selected plan to employees. Employee Stock Purchase Plans Our professionals can help corporations establish employee stock purchase plans to promote employee stock ownership within the firm and to provide another vehicle for individual capital accumulation. Deferred Compensation Plans We can assist corporations in developing deferred compensation plans to attract, retain and reward their executives. A properly designed deferred compensation plan provides a cost-effective benefit system for valued employees. 14

15 Corporate Executive Services Hedging and Monetization Strategies For clients with a large position in a single stock, where an outright sale is not possible or desirable, we can help develop and implement strategies that aim to diversify your portfolio while retaining control of the stock and any voting rights and dividend payments associated with it. Other strategies can help you protect the downside of the position with no out-of-pocket, upfront expense. Rule 10b5-1 Trading Plans Many executives and other insiders of publicly traded corporations have their own net worth highly concentrated in company stock and employee stock options. By establishing a Rule 10b5-1 Trading Plan, we can help you to diversify your portfolio in an orderly and controlled fashion, even through insider black-out periods, at the prices and pace you are comfortable with. Restricted and Control Stock Strategies We are fully prepared to assist you in the sale of restricted or control stock in compliance with the applicable laws. If an outright sale is not appropriate, we have experience with a number of alternative strategies for accessing liquidity in restricted or control stock for qualified investors. 15

16 Oppenheimer Asset Management With half a century of experience, Oppenheimer Asset Management has earned a reputation for creativity and innovative investment management. We integrate traditional and non-traditional portfolios into a unified solution while offering ready access to managers we believe to be among the best in the investment management universe both within and outside the firm. We are dedicated to helping our clients preserve and accumulate wealth, by providing a personal, tailored approach to money management combined with a breadth of capabilities all found within a single source. Please refer to the Important Information page. 16

17 The Oppenheimer Investment Process 1. Information Gathering and Investment Profile You and your Financial Advisor begin the investment process with an assessment of your financial goals, objectives and tolerance for risk. Based on these inputs, an investment plan is developed. 1 Develop an Investment Profile 2. Asset Allocation Strategy Once you have approved your investment plan, an asset allocation strategy is developed, blending sophisticated modeling techniques with a personal assessment of your circumstances. 4 Monitor Progress 2 Build an Asset Allocation Strategy 3. Investment Selection To execute your asset allocation strategy, we offer access to a broad range of asset classes. From traditional to nontraditional strategies including discretionary separate accounts, mutual funds and alternative investments, * we can help you select appropriate investment vehicles to fulfill your strategy. 3 Identify Investment Managers 4. Monitoring your Progress Once an investment plan is in place, we use a formal review process to help ensure that your plan is working towards the stated goals. * Alternative investments such as Hedge Funds and Fund of Funds are made available only to qualified investors and involve various degrees of risk. Specific standards must be met before investing; generally; individual investors must have a net worth of $1.5 million and entities must have assets of at least $5 million to invest. 17

18 Information Gathering and Investment Profile You and your Financial Advisor begin the investment process with an assessment of your financial goals, objectives and tolerance for risk. Based on these inputs, an investment plan is developed. Gather Appropriate Information Review and analyze current investment activities/performance Determine Objectives and Constraints Return: Need for income vs. growth Time horizon Risk tolerance Tax and legal issues Liquidity requirements Other unique circumstances Develop an Investment Plan Clearly define investment objectives Establish investment guidelines Outline criteria for screening managers Establish monitoring and reporting procedures 18

19 Asset Allocation and Diversification Based on your investment plan, an asset allocation strategy is developed. Because individual asset classes that are in favor one year may be out of favor the next year, we believe proper diversification is critical. Ranking of Investment Categories from Best to Worst Over the Last 20 Years January 1990 through December Source: Ibbotson Associates, Chicago. Indices shown represent total return. All indices are unmanaged and are not investment vehicles. Index performance does not reflect the impact of transaction or management costs and other fees and expenses that would be incurred if actual investments had been made. Representative indices: Large-Cap Value - S&P 500/Barra Value Index; Large-Cap Growth - S&P 500/Barra Growth Index; Mid-Cap - Russell MidCap Index; Small-Cap Value - Russell 2000 Value Index; Small-Cap Growth - Russell 2000 Growth Index; International - MSCI EAFE Index; Bonds - LB IT Gvt/Credit: Lehman Brothers Intermediate Term Government/Credit Index. The information and statistical data contained herein have been obtained from sources that we believe to be reliable, but are in no way warranted by us as to accuracy or completeness. Past performance is no guarantee of future results. For illustrative purposes only and not intended to depict or predict the performance of any specific investment. 19

20 Return Risk and Return The benefit of diversification is that it may help an investor to reduce the portfolio s overall volatility without necessarily reducing its expected return. Investments with low correlation can help reduce risk for the overall portfolio even though they may be highly volatile on their own. Risk vs. Return 100% International Equity 65% US Equity Large Cap / 35% International Equity 100% US Equity Large Cap Risk Source: Ibbotson Associates, Inc., for illustrative purposes only. The information and statistical data contained herein have been obtained from sources which we believe to be reliable but in no way are warranted by us as to accuracy. Past performance is no guarantee of future results. 20

21 Investment Selection To execute your asset allocation strategy, we offer access to a broad range of asset classes. From traditional to nontraditional strategies including discretionary separate accounts, mutual funds and alternative investments, * we can help you select appropriate investment vehicles to fulfill your strategy. Sample Allocation When building a portfolio of complementary managers, each manager has a specific objective and style that, when combined, results in an overall portfolio that can help meet your needs. US Fixed Income International Equity US Equity Small and Mid Cap US Equity Large Cap * Alternative investments such as Hedge Funds and Fund of Funds are made available only to qualified investors and involve various degrees of risk. Specific standards must be met before investing; generally; individual investors must have a net worth of $1.5 million and entities must have assets of at least $5 million to invest. The sample asset allocations above are for illustrative purposed only and are not intended as a recommendation to buy or sell. 21

22 Due Diligence and Manager Selection Oppenheimer s proprietary due diligence process emphasizes objectivity and discipline, concentrating on four key elements: Organization Investment Process Client Service Performance Registered Investment Managers Oppenheimer Asset Management has screened thousands of investment managers Oppenheimer Asset Management proprietary database (200+) Several investment managers will be identified for you based on your individual Investment Plan, Risk/Return profile and Portfolio preferences and restrictions. Note: Chart illustration is a sample Manager search for Client (10+) Chosen by Client (3+) 22

23 Monitoring Your Progress Our review process includes: Adjustment for changes in your situation Once an investment plan is in place, we use a formal review process to help ensure that your plan is working towards the stated goals. Objective analysis Review of your goals Review of Investment Policy Statement Quarterly performance measurement Consolidated reporting 23

24 Selected Recent Transactions Public Equity Securities *Transaction completed prior to Oppenheimer's acquisition in January 2008 of certain of CIBC World Markets' investment banking and capital markets businesses in the U.S., Israel, Europe and Asia. 24

25 Selected Recent Transactions Fixed Income Securities / Advisory Services *Transaction completed prior to Oppenheimer's acquisition in January 2008 of certain of CIBC World Markets' investment banking and capital markets businesses in the U.S., Israel, Europe and Asia. 25

26 Selected Recent Transactions Credit Transactions Private Placements *Transaction completed prior to Oppenheimer's acquisition in January 2008 of certain of CIBC World Markets' investment banking and capital markets businesses in the U.S., Israel, Europe and Asia. 26

27 Selected Recent Transactions Public Finance $5,005,000 $10,005,000 $68,095,000 $10,000,000 $162,500,000 $19,895,000 Galveston Independent School District Galveston County, Texas Unlimited Tax Refunding Bonds, Series 2008 Date: 12/23/2008 Senior Manager Unified School District No. 437 Shawnee County, Kansas (Auburn-Washburn) General Obligation Improvement and Refunding Bonds, Series 2008 Date: 11/17/2008 Sole Manager County of Bergen, New Jersey General Improvement Bonds Series 2008 Dated: 10/29/2008 Co- Manager The School District of North Kansas City, Missouri General Obligation Building Bonds (Missouri Direct Deposit Program), Series 2008 Dated: 10/28/2008 Sole Manager Health and Educational Facilities Authority of the State of Missouri Health Facilities Revenue Bonds (Cox Health) Series 2008 Dated: 09/10/2008 Co-Manager City of Galveston, Texas Combination Tax and Revenue Certificates of Obligation Series 2008 Dated: 08/15/2008 Senior Manager $39,370,000 $60,250,000 $78,650,000 $15,000,000 $15,000,000 $8,490,0000 North Kansas City, Missouri Variable Rate Demand Hospital Revenue Bonds Series 2008 Dated: 06/23/2008 Financial Advisor Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008 Dated: 05/15/2008 Sole Manager Michigan Strategic Fund Limited Obligation Revenue Bonds (Michigan House of Representatives Facilities) Series 2008 A Dated: 03/01/2008 Co-Manager State of Ohio Air Quality Development Authority Revenue Bonds, (Marion Ethanol Plant Project) Series 2008 Dated: 01/31/2008 Senior Manager State of Ohio Air Quality Development Authority Revenue Bonds, (Fostoria Ethanol Plant Project) Series 2008 Dated: 01/31/2008 Senior Manager Illinois Finance Authority Sports Facility Revenue Bonds (North Shore Ice Arena Project) Series 2008 Date: 01/15/2008 Sole Manager *Transaction completed prior to Oppenheimer's acquisition in January 2008 of certain of CIBC World Markets' investment banking and capital markets businesses in the U.S., Israel, Europe and Asia. 27

28 Selected Recent Transactions Public Finance $14,430,000 $28,500,000 $57,350,000 $32,200, $18,830,000 $114,915,000 City of Valparaiso, Indiana Economic Development Revenue Bonds (Valparaiso Family YMCA Project), Series 2007 Date: 11/27/2007 Sole Manager Illinois Finance Authority Sports Facility Revenue Bonds (United Sports Organizations of Barrington Project), Series 2007 Date: 11/07/2007 Sole Manager The School District of North Kansas City, Missouri General Obligation Building Bonds (Missouri Direct Deposit Program), Series 2007 Date: 11/01/2007 Sole Manager The Industrial Development Authority of Platte County, Missouri Transportation Refunding and Improvements Revenue Bonds Series 2007 Date: 10/01/2007 Sole Manager Anoka County, Minnesota General Obligation Capital Improvement Bonds, Series 2007 D & E Date: 07/01/2007 Sole Manager The Industrial Development Authority of the City of Kansas City, Missouri Tax-Exempt Revenue Bond, Series 2007 Date: 06/01/2007 Lead Manager $18,000,000 $20,000,000 $27,000,000 $22,000,000 $53,330,000 $25,000,000 Tax Increment Financing Commission of Kansas City, Missouri Variable Rate Demand Taxable Tax Increment Revenue Bonds (President Hotel Project) Date: 05/25/2007 Senior Manager Otter Tail County, Minnesota Subordinate Exempt Facility Revenue Bonds, ( Ethanol Plant Project), Series 2007 Date: 05/01/2007 Sole Manager Kent County Building Authority, Kent County, Michigan General Obligation Bonds Date: 05/01/2007 Financial Advisor City of Bluffton, Indiana Subordinate Solid Waste Disposal Facility Revenue Bonds Series 2007 Date: 03/15/2007 Sole Manager Angelina and Neches River Authority Industrial Development Commission Environmental Facilities Revenue, Series 2007 Date: 03/01/2007 Sole Manager Michigan State Hospital Finance Authority Healthcare Equipment Loan Program, Multiple Series 2007 Date: 01/17/2007 Senior Manager *Transaction completed prior to Oppenheimer's acquisition in January 2008 of certain of CIBC World Markets' investment banking and capital markets businesses in the U.S., Israel, Europe and Asia. 28

29 Important Information This presentation is intended for informational purposes only and is subject to change without notice. Oppenheimer Asset Management is the name under which Oppenheimer Asset Management Inc. (OAM) does business. OAM and the Oppenheimer Trust Company are wholly owned subsidiaries of Oppenheimer Holdings Inc., which also wholly owns Oppenheimer & Co. Inc. (Oppenheimer), a registered broker/dealer and investment adviser. Securities are offered through Oppenheimer. For further information about the products/programs available and their suitability for your portfolio, please contact your Oppenheimer Financial Advisor. Any discussion of securities, including any hedge funds or other alternative investments, should not be construed as a recommendation or an offer or solicitation to buy or sell interest in any such securities. Securities products offered or sold by Oppenheimer will not be endorsed or guaranteed by Oppenheimer and will be subject to investment risks, including the possible loss of principal invested. Alternative investments are made available only to qualified investors and involve varying degrees of risk. Neither Oppenheimer, OAM, nor the Oppenheimer Trust Company provide legal or tax advice. However, your Oppenheimer Financial Advisor will work with clients, their attorneys and their tax professionals to help ensure all of their needs are met and properly executed Oppenheimer & Co. Inc. Member of All Principal Exchanges and Member SIPC. All rights reserved. No part of this presentation may be reproduced in any manner without the written permission of Oppenheimer. EXE040307RM1 29