Auction Rate Securities

At Oppenheimer & Co. Inc. (Oppenheimer) we offer a variety of fixed income products that are available for cash management. These investments, which are commonly referred to as Auction Rate Securities (ARS), are cash management instruments with intermediate to perpetual maturities.

OPPENHEIMER & CO. INC. PROCEDURES FOR PARTIAL REDEMPTION OF AUCTION RATE SECURITES — May 6, 2008