Condensed consolidating financial information

On June 23, 2017, the Parent issued in a private offering $200.0 million aggregate principal amount of the Notes. The Company used a portion of the net proceeds from the offering of the Notes to redeem in full its Old Notes. See note 9 for further details.

The 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 Parent. The indenture for the Notes contains covenants with restrictions which are discussed in note 9. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Parent, the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company.

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 Parent 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 indenture 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 Parent of its legal defeasance option or covenant defeasance option or the discharge of the Parent'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 MARCH 31, 2018



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	5,496	$	4,235	$	32,984	$	—		$	42,715
Deposits with clearing organizations	—		—		70,938		—			70,938
Receivable from brokers, dealers and clearing organizations	—		—		171,130		—			171,130
Receivable from customers, net of allowance for credit losses of $809	—		—		881,941		—			881,941
Income tax receivable	44,792		25,330		—		(66,990		)	3,132
Securities owned, including amounts pledged of $688,647, at fair value	—		1,360		998,267		—			999,627
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,680 and $8,120, respectively	—		—		42,386		—			42,386
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $84,344	—		21,182		7,159		—			28,341
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		400		31,700		—			32,100
Goodwill	—		—		137,889		—			137,889
Other assets	201		2,572		121,004		—			123,777
Deferred tax assets	1,130		—		17,362		(18,492		)	—
Investment in subsidiaries	632,031		515,176		—		(1,147,207		)	—
Intercompany receivables	51,359		50,632		—		(101,991		)	—
Total assets	$	735,009	$	733,445	$	2,512,760	$	(1,447,238	)	$	2,533,976
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	20,993	$	—		$	20,993
Bank call loans	—		—		147,400		—			147,400
Payable to brokers, dealers and clearing organizations	—		—		255,126		—			255,126
Payable to customers	—		—		445,085		—			445,085
Securities sold under agreements to repurchase	—		—		576,017		—			576,017
Securities sold but not yet purchased, at fair value	—		—		147,886		—			147,886
Accrued compensation	—		—		103,751		—			103,751
Accounts payable and other liabilities	3,523		34,148		56,501		—			94,172
Income tax payable	2,440		22,189		42,361		(66,990		)	—
Senior secured notes, net of debt issuance cost of $1,098	198,902		—		—		—			198,902
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		8		32,619		(18,492		)	14,135
Intercompany payables	—		28,140		73,851		(101,991		)	—
Total liabilities	204,865		84,485		2,014,148		(300,031		)	2,003,467
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	530,144		648,960		498,247		(1,147,207		)	530,144
Non-controlling interest	—		—		365		—			365
Total stockholders' equity	530,144		648,960		498,612		(1,147,207		)	530,509
Total liabilities and stockholders' equity	$	735,009	$	733,445	$	2,512,760	$	(1,447,238	)	$	2,533,976

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2017



(Expressed in thousands)	Parent		Guarantor subsidiaries		Non-guarantor subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	7,442	$	3,716	$	36,996	$	—		$	48,154
Deposits with clearing organizations	—		—		42,222		—			42,222
Receivable from brokers, dealers and clearing organizations	—		—		187,115		—			187,115
Receivable from customers, net of allowance for credit losses of $769	—		—		848,226		—			848,226
Income tax receivable	45,998		26,025		—		(69,084		)	2,939
Securities purchased under agreements to resell	—		—		658		—			658
Securities owned, including amounts pledged of $655,683, at fair value	—		1,386		925,211		—			926,597
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $24,705 and $7,975, respectively	—		—		40,520		—			40,520
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $82,826	—		20,221		6,966		—			27,187
Subordinated loan receivable	—		112,558		—		(112,558		)	—
Intangible assets	—		—		31,700		—			31,700
Goodwill	—		—		137,889		—			137,889
Other assets	133		2,573		142,604		—			145,310
Deferred tax assets	3,502		—		18,463		(21,965		)	—
Investment in subsidiaries	622,824		507,747		—		(1,130,571		)	—
Intercompany receivables	52,149		83,437		—		(135,586		)	—
Total assets	$	732,048	$	757,663	$	2,418,570	$	(1,469,764	)	$	2,438,517
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	—	$	—	$	42,412	$	—		$	42,412
Bank call loans	—		—		118,300		—			118,300
Payable to brokers, dealers and clearing organizations	—		—		211,483		—			211,483
Payable to customers	—		—		385,907		—			385,907
Securities sold under agreements to repurchase	—		—		586,478		—			586,478
Securities sold but not yet purchased, at fair value	—		—		94,486		—			94,486
Accrued compensation	—		—		173,116		—			173,116
Accounts payable and other liabilities	7,221		33,994		51,280		—			92,495
Income tax payable	2,440		22,189		44,455		(69,084		)	—
Senior secured notes, net of debt issuance costs of $1,163	198,837		—		—		—			198,837
Subordinated indebtedness	—		—		112,558		(112,558		)	—
Deferred tax liabilities	—		17		33,040		(21,965		)	11,092
Intercompany payables	—		62,163		73,423		(135,586		)	—
Total liabilities	208,498		118,363		1,926,938		(339,193		)	1,914,606
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	523,550		639,300		491,271		(1,130,571		)	523,550
Non-controlling interest	—		—		361		—			361
Total stockholders' equity	523,550		639,300		491,632		(1,130,571		)	523,911
Total liabilities and stockholders' equity	$	732,048	$	757,663	$	2,418,570	$	(1,469,764	)	$	2,438,517

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2018



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—	$	83,407		$	—		$	83,407
Advisory fees	—			—		77,874			(326		)	77,548
Investment banking	—			—		28,210			—			28,210
Bank deposit sweep income	—			—		25,297			—			25,297
Interest	—			2,060		12,247			(2,080		)	12,227
Principal transactions, net	—			—		2,759			(33		)	2,726
Other	—			96		5,114			(95		)	5,115
Total revenue	—			2,156		234,908			(2,534		)	234,530
EXPENSES
Compensation and related expenses	326			—		152,778			—			153,104
Communications and technology	39			—		18,649			—			18,688
Occupancy and equipment costs	—			—		15,523			(95		)	15,428
Clearing and exchange fees	—			—		6,096			—			6,096
Interest	3,375			—		7,668			(2,080		)	8,963
Other	387			253		22,345			(359		)	22,626
Total expenses	4,127			253		223,059			(2,534		)	224,905
Income (loss) before income taxes	(4,127		)	1,903		11,849			—			9,625
Income taxes	(1,040		)	264		3,692			—			2,916
Net income (loss) from continuing operations	(3,087		)	1,639		8,157			—			6,709

Equity in earnings of subsidiaries	9,792			8,153		—			(17,945		)	—
Net income	6,705			9,792		8,157			(17,945		)	6,709
Less net income attributable to non-controlling interest, net of tax	—			—		4			—			4
Net income attributable to Oppenheimer Holdings Inc.	6,705			9,792		8,153			(17,945		)	6,705
Other comprehensive loss	—			—		(142		)	—			(142		)
Total comprehensive income	$	6,705		$	9,792	$	8,011		$	(17,945	)	$	6,563

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2017



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations			Consolidated
REVENUES
Commissions	$	—		$	—		$	86,717		$	—		$	86,717
Advisory fees	—			—			69,729			(320		)	69,409
Investment banking	—			—			18,021			—			18,021
Bank deposit sweep income	—			—			14,126			—			14,126
Interest	—			2,579			10,562			(2,576		)	10,565
Principal transactions, net	—			6			5,367			—			5,373
Other	—			88			9,050			(88		)	9,050
Total revenue	—			2,673			213,572			(2,984		)	213,261
EXPENSES
Compensation and related expenses	338			—			143,540			—			143,878
Communications and technology	30			—			17,676			—			17,706
Occupancy and equipment costs	—			—			15,360			(88		)	15,272
Clearing and exchange fees	—			—			5,854			—			5,854
Interest	3,281			—			4,651			(2,576		)	5,356
Other	327			72			32,141			(320		)	32,220
Total expenses	3,976			72			219,222			(2,984		)	220,286
Income (loss) before income taxes	(3,976		)	2,601			(5,650		)	—			(7,025		)
Income taxes	(1,528		)	920			(1,079		)	—			(1,687		)
Net income (loss) from continuing operations	(2,448		)	1,681			(4,571		)	—			(5,338		)

Discontinued operations
Income from discontinued operations	—			—			976			—			976
Income taxes	—			—			389			—			389
Net income from discontinued operations	—			—			587			—			587

Equity in earnings of subsidiaries	(2,399		)	(4,080		)	—			6,479			—
Net loss	(4,847		)	(2,399		)	(3,984		)	6,479			(4,751		)
Less net income attributable to non-controlling interest, net of tax	—			—			96			—			96
Net loss attributable to Oppenheimer Holdings Inc.	(4,847		)	(2,399		)	(4,080		)	6,479			(4,847		)
Other comprehensive income	—			—			1,424			—			1,424
Total comprehensive loss	$	(4,847	)	$	(2,399	)	$	(2,656	)	$	6,479		$	(3,423	)

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2018



(Expressed in thousands)	Parent			Guarantor subsidiaries			Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	1,954		$	919		$	(30,416	)	$	—	$	(27,543	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—			(2,696		)	—		(2,696		)
Purchase of tangible assets	—			(400		)	—			—		(400		)
Cash used in investing activities	—			(400		)	(2,696		)	—		(3,096		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,456		)	—			—			—		(1,456		)
Payments for employee taxes withheld related to vested share-based awards	(2,444		)	—			—			—		(2,444		)
Increase in bank call loans, net	—			—			29,100			—		29,100
Cash provided by (used in) in financing activities	(3,900		)	—			29,100			—		25,200
Net increase (decrease) in cash and cash equivalents	(1,946		)	519			(4,012		)	—		(5,439		)
Cash and cash equivalents, beginning of the period	7,442			3,716			36,996			—		48,154
Cash and cash equivalents, end of the period	$	5,496		$	4,235		$	32,984		$	—	$	42,715

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2017



(Expressed in thousands)	Parent			Guarantor subsidiaries		Non-guarantor subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:
Cash provided by (used in) operating activities	$	8,717		$	4,100	$	(54,803	)	$	—	$	(41,986	)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	—			—		(1,550		)	—		(1,550		)
Cash used in investing activities	—			—		(1,550		)	—		(1,550		)
Cash flows from financing activities:
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,480		)	—		—			—		(1,480		)
Cash dividends paid to non-controlling interest	—			—		(816		)	—		(816		)
Repurchase of Class A non-voting common stock for cancellation	(4,357		)	—		—			—		(4,357		)
Payments for employee taxes withheld related to vested share-based awards	(2,203		)	—		—			—		(2,203		)
Increase in bank call loans, net	—			—		49,900			—		49,900
Cash provided by (used in) financing activities	(8,040		)	—		49,084			—		41,044
Net increase (decrease) in cash and cash equivalents	677			4,100		(7,269		)	—		(2,492		)
Cash and cash equivalents, beginning of the period	229			10,284		54,400			—		64,913
Cash and cash equivalents, end of the period	$	906		$	14,384	$	47,131		$	—	$	62,421