Oppenheimer Continues Taxable Fixed Income Trading Buildout - Ed Tappan Joins Firm...

Oppenheimer Continues Taxable Fixed Income Trading Buildout - Ed Tappan Joins
Firm as Head Agency Mortgage Trader

NEW YORK, July 9 /PRNewswire-FirstCall/ -- Oppenheimer & Co. Inc., a unit of
Oppenheimer Holdings, is pleased to announce that Ed Tappan has joined the
firm as Managing Director - Head of Agency CMO and MBS Trading. He will
report to Senior Managing Director Robert S. Lowenthal.

"Ed's experience and expertise with institutional customers and high net worth
accounts will have an immediate impact on our business. Ed's contribution will
help grow our mortgage backed sales and trading business," said Senior
Managing Director Lowenthal.

Ed joins Oppenheimer from Citigroup Smith Barney where he was Director and
Manager of the Middle Market Government Agency Collateralized Mortgage
Obligations ("CMOs") and Mortgage Backed Securities ("MBS") trading desk.
Prior to that, he worked at Tucker Anthony and Gruntal & Co. In each of these
positions, he maintained proprietary positions and traded Agency CMOs and MBS
with middle market and high net worth accounts.

At Oppenheimer, Ed will manage the trading of Agency CMOs and MBS issued by
Fannie Mae, Freddie Mac and Ginnie Mae.

Oppenheimer & Co. Inc. (Oppenheimer), and Oppenheimer Asset Management Inc.,
each principal subsidiaries of Oppenheimer Holdings Inc. (OPY on the New York
Stock Exchange), together provide a full range of wealth management,
securities brokerage and investment banking services to high-net-worth
individuals, families, corporate executives, local governments, businesses and
institutions.

Certain statements in this release may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially, as discussed in the
Company's filings with the Securities and Exchange Commission.

SOURCE Oppenheimer & Co. Inc.

Robert S. Lowenthal, +1-212-667-5300, of Oppenheimer & Co. Inc.