Supplemental guarantor condensed consolidated financial statements

The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The following consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Investments in subsidiaries are accounted for using the equity method for purposes of the consolidated presentation.

Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the debenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture.

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2014



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	439	$	1,557	$	61,811	$	—		$	63,807
Cash and securities segregated for regulatory and other purposes	—		—		18,594		—			18,594
Deposits with clearing organizations	—		—		36,510		—			36,510
Receivable from brokers, dealers and clearing organizations	—		—		314,475		—			314,475
Receivable from customers, net of allowance for credit losses of $2,427	—		—		864,189		—			864,189
Income tax receivable	28,070		27,304		—		(51,134		)	4,240
Securities purchased under agreements to resell	—		—		251,606		—			251,606
Securities owned, including amounts pledged of $518,123 at fair value	—		5,806		837,349		—			843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $42,211 and $8,606, respectively	—		—		34,932		—			34,932
Office facilities, net of accumulated depreciation of $103,547	—		20,181		9,408		—			29,589
Loans held for sale	—		—		19,243		—			19,243
Mortgage servicing rights	—		—		30,140		—			30,140
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	1,686		3,803		101,897		—			107,386
Deferred tax assets	18		309		27,973		(28,300		)	—
Investment in subsidiaries	565,257		544,576		—		(1,109,833		)	—
Intercompany receivables	87,442		—		—		(87,442		)	—
Total assets	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	35,373	$	—		$	35,373
Bank call loans	—		—		59,400		—			59,400
Payable to brokers, dealers and clearing organizations	—		—		257,161		—			257,161
Payable to customers	—		—		652,256		—			652,256
Securities sold under agreements to repurchase	—		—		687,440		—			687,440
Securities sold, but not yet purchased, at fair value	—		—		92,510		—			92,510
Accrued compensation	—		—		165,134		—			165,134
Accounts payable and other liabilities	2,828		35,800		102,724		—			141,352
Income tax payable	2,440		22,189		26,505		(51,134		)	—
Senior secured notes	150,000		—		—		—			150,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		88		41,309		(28,300		)	13,097
Intercompany payables	—		76,492		10,950		(87,442		)	—
Total liabilities	155,268		134,569		2,243,320		(279,434		)	2,253,723
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	527,644		581,525		528,308		(1,109,833		)	527,644
Non-controlling interest	—		—		6,088		—			6,088
Total stockholders’ equity	527,644		581,525		534,396		(1,109,833		)	533,732
Total liabilities and stockholders’ equity	$	682,912	$	716,094	$	2,777,716	$	(1,389,267	)	$	2,787,455

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2013



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	448	$	30,901	$	66,945	$	—		$	98,294
Cash and securities segregated for regulatory and other purposes	—		—		36,323		—			36,323
Deposits with clearing organizations	—		—		23,679		—			23,679
Receivable from brokers, dealers and clearing organizations	—		—		364,873		—			364,873
Receivable from customers, net of allowance for credit losses of $2,423	—		—		868,869		—			868,869
Income tax receivable	19,494		27,589		—		(40,521		)	6,562
Securities purchased under agreements to resell	—		—		184,825		—			184,825
Securities owned, including amounts pledged of $586,625, at fair value	—		2,225		853,863		—			856,088
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,465 and $9,718, respectively	—		—		40,751		—			40,751
Office facilities, net of accumulated depreciation of $97,118	—		21,250		11,689		—			32,939
Loans held for sale	—		—		75,989		—			75,989
Mortgage servicing rights	—		—		28,879		—			28,879
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	2,797		27,113		135,150		—			165,060
Deferred tax assets	678		309		29,496		(30,483		)	—
Investment in subsidiaries ⁽¹⁾	546,755		562,248		—		(1,109,003		)	—
Intercompany receivables	153,528		—		—		(153,528		)	—
Total assets	$	723,700	$	784,193	$	2,890,920	$	(1,446,093	)	$	2,952,720
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—	$	48,198	$	—		$	48,198
Bank call loans	—		—		118,200		—			118,200
Payable to brokers, dealers and clearing organizations	—		—		223,315		—			223,315
Payable to customers	—		—		626,564		—			626,564
Securities sold under agreements to repurchase	—		—		757,491		—			757,491
Securities sold, but not yet purchased, at fair value	—		—		76,314		—			76,314
Accrued compensation	—		—		180,119		—			180,119
Accounts payable and other liabilities	3,742		59,289		129,609		(88		)	192,552
Income tax payable	2,440		22,189		15,892		(40,521		)	—
Senior secured notes	195,000		—		—		—			195,000
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		—		37,579		(30,483		)	7,096
Intercompany payables	—		133,421		20,107		(153,528		)	—
Total liabilities	201,182		214,899		2,345,946		(337,178		)	2,424,849
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc. ⁽¹⁾	522,518		569,294		539,621		(1,108,915		)	522,518
Noncontrolling interest	—		—		5,353		—			5,353
Total stockholders’ equity	522,518		569,294		544,974		(1,108,915		)	527,871
Total liabilities and stockholders’ equity	$	723,700	$	784,193	$	2,890,920	$	(1,446,093	)	$	2,952,720


(1)	The Company revised amounts previously disclosed as Investment in Subsidiaries and Total Shareholders’ Equity in the Condensed Consolidating Balance Sheet to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column.

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2014



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	469,829		$	—		$	469,829
Advisory fees	—			1,139		283,785			(3,244		)	281,680
Investment banking	—			—		125,598			—			125,598
Interest	—			10,482		49,193			(10,431		)	49,244
Principal transactions, net	—			164		29,535			—			29,699
Other	—			477		48,362			(425		)	48,414
Total revenue	—			12,262		1,006,302			(14,100		)	1,004,464
EXPENSES
Compensation and related expenses	1,047			—		663,594			—			664,641
Communications and technology	145			—		67,025			—			67,170
Occupancy and equipment costs	—			—		63,437			(425		)	63,012
Clearing and exchange fees	—			—		24,709			—			24,709
Interest	14,401			—		13,831			(10,431		)	17,801
Other	4,626			733		139,280			(3,244		)	141,395
Total expenses	20,219			733		971,876			(14,100		)	978,728
Income (loss) before income taxes	(20,219		)	11,529		34,426			—			25,736
Income tax provision (benefit)	(7,917		)	3,971		20,121			—			16,175
Equity in earnings of subsidiaries	21,128			13,570		—			(34,698		)	—
Net income for the year	8,826			21,128		14,305			(34,698		)	9,561
Less net income attributable to non-controlling interest, net of tax	—			—		735			—			735
Net income attributable to Oppenheimer Holdings Inc.	8,826			21,128		13,570			(34,698		)	8,826
Other comprehensive income (loss)	—			—		(2,627		)	—			(2,627		)
Total comprehensive income	$	8,826		$	21,128	$	10,943		$	(34,698	)	$	6,199

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	486,767	$	—		$	486,767
Advisory fees	—			825		276,913		(3,560		)	274,178
Investment banking	—			—		97,977		—			97,977
Interest	5			11,128		53,401		(11,318		)	53,216
Principal transactions, net	—			79		43,689		—			43,768
Other	—			180		63,808		(180		)	63,808
Total revenue	5			12,212		1,022,555		(15,058		)	1,019,714
EXPENSES
Compensation and related expenses	1,124			—		674,812		—			675,936
Communications and technology	119			—		65,698		—			65,817
Occupancy and equipment costs	—			—		66,938		(180		)	66,758
Clearing and exchange fees	—			—		24,481		—			24,481
Interest	17,500			—		19,960		(11,318		)	26,142
Other	1,309			522		118,400		(3,560		)	116,671
Total expenses	20,052			522		970,289		(15,058		)	975,805
Income (loss) before income taxes	(20,047		)	11,690		52,266		—			43,909
Income tax provision (benefit)	(7,110		)	5,638		19,228		—			17,756
Equity in earnings of subsidiaries ⁽¹⁾	37,998			31,946		—		(69,944		)	—
Net income for the year	25,061			37,998		33,038		(69,944		)	26,153
Less net income attributable to non-controlling interest, net of tax	—			—		1,092		—			1,092
Net income attributable to Oppenheimer Holdings Inc.	25,061			37,998		31,946		(69,944		)	25,061
Other comprehensive income (loss)	(3		)	—		1,505		—			1,502
Total comprehensive income	$	25,058		$	37,998	$	33,451	$	(69,944	)	$	26,563


(1)	The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column.

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	469,865	$	—		$	469,865
Advisory fees	—			—		225,226		(2,494		)	222,732
Investment banking	—			—		89,477		—			89,477
Interest	—			12,070		57,452		(11,860		)	57,662
Principal transactions, net	—			752		53,559		—			54,311
Other	—			168		58,565		(168		)	58,565
Total revenue	—			12,990		954,144		(14,522		)	952,612
EXPENSES
Compensation and related expenses	397			—		626,014		—			626,411
Communications and technology	81			—		63,278		—			63,359
Occupancy and equipment costs	—			—		62,986		(168		)	62,818
Clearing and exchange fees	—			—		23,750		—			23,750
Interest	17,500			—		29,447		(11,861		)	35,086
Other	1,475			60		142,673		(2,493		)	141,715
Total expenses	19,453			60		948,148		(14,522		)	953,139
Income (loss) before income taxes	(19,453		)	12,930		5,996		—			(527		)
Income tax provision (benefit)	(6,315		)	6,093		546		—			324
Equity in earnings of subsidiaries	9,525			—		—		(9,525		)	—
Net income (loss) for the year	(3,613		)	6,837		5,450		(9,525		)	(851		)
Less net income attributable to non-controlling interest, net of tax	—			—		2,762		—			2,762
Net income (loss) attributable to Oppenheimer Holdings Inc.	(3,613		)	6,837		2,688		(9,525		)	(3,613		)
Other comprehensive income	—			—		415		—			415
Total comprehensive income (loss)	$	(3,613	)	$	6,837	$	3,103	$	(9,525	)	$	(3,198	)

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2014



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) continuing operations	$	49,595		$	(29,344	)	$	58,064		$	—	$	78,315
Cash flows from investing activities
Purchase of office facilities	—			—			(4,398		)	—		(4,398		)
Cash used in investing activities	—			—			(4,398		)	—		(4,398		)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(5,983		)	—			—			—		(5,983		)
Issuance of Class A non-voting common stock	185			—			—			—		185
Tax benefit from share-based awards	1,194			—			—			—		1,194
Redemption of senior secured notes	(45,000		)	—			—			—		(45,000		)
Decrease in bank call loans, net				—			(58,800		)	—		(58,800		)
Cash flow used in financing activities	(49,604		)	—			(58,800		)	—		(108,404		)
Net decrease in cash and cash equivalents	(9		)	(29,344		)	(5,134		)	—		(34,487		)
Cash and cash equivalents, beginning of the year	448			30,901			66,945			—		98,294
Cash and cash equivalents, end of the year	$	439		$	1,557		$	61,811		$	—	$	63,807

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2013



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) continuing operations	$	9,944		$	(9,757	)	$	(3,616	)	$	—	$	(3,429	)
Cash flows from investing activities
Purchase of office facilities	—			—			(14,012		)	—		(14,012		)
Cash used in investing activities	—			—			(14,012		)	—		(14,012		)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(5,978		)	—			—			—		(5,978		)
Issuance of Class A non-voting common stock	150			—			—			—		150
Repurchase of Class A non-voting common stock for cancellation	(3,625		)	—			—			—		(3,625		)
Tax deficiency from share-based awards	(78		)	—			—			—		(78		)
Decrease in bank call loans, net	—			—			(10,100		)	—		(10,100		)
Cash flow used in financing activities	(9,531		)	—			(10,100		)	—		(19,631		)
Net increase (decrease) in cash and cash equivalents	413			(9,757		)	(27,728		)	—		(37,072		)
Cash and cash equivalents, beginning of the year	35			40,658			94,673			—		135,366
Cash and cash equivalents, end of the year	$	448		$	30,901		$	66,945		$	—	$	98,294

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2012



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Cash provided by (used in) continuing operations	$	6,052		$	31,776		$	(47,280	)	$	—	$	(9,452	)
Cash flows from investing activities
Purchase of office facilities	—			—			(14,739		)	—		(14,739		)
Cash used in investing activities	—			—			(14,739		)	—		(14,739		)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(5,986		)	—			—			—		(5,986		)
Repurchase of Class A non-voting common stock for cancellation	(1,866		)	—			—			—		(1,866		)
Tax deficiency from share-based awards	(720		)	—			—			—		(720		)
Acquisition of non-controlling interest	—			(3,000		)	—			—		(3,000		)
Increase in bank call loans, net	—			—			100,800			—		100,800
Cash flow provided by (used in) financing activities	(8,572		)	(3,000		)	100,800			—		89,228
Net increase (decrease) in cash and cash equivalents	(2,520		)	28,776			38,781			—		65,037
Cash and cash equivalents, beginning of the year	2,555			11,882			55,892			—		70,329
Cash and cash equivalents, end of the year	$	35		$	40,658		$	94,673		$	—	$	135,366